British Feb. public borrowing sees unexpected jump
British Feb. public borrowing sees unexpected jump (by William L. Watts)
LONDON (MarketWatch) -- Net borrowing by Britain's public sector jumped to 11.8 billion pounds ($19.2 billion) in February, up from 9.5 billion pounds in February 2010. Economists had expected borrowing to decline to 6.9 billion pounds. The figure was the highest on record for February. Total borrowing for the 2010/11 financial year, which ends in early April, stands so far at 123.5 billion, down from 136.6 billion pounds in the same period the previous year. The Office for Budget Responsibility has forecast full-year borrowing to total 149 billion pounds. Public sector net debt was 875.8 billion pounds, equal to 58% of gross domestic product, compared 729.9 billion, or 50.8% of GDP, at the end of February 2010.