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Markets await UK public finances after week of good data – business live

Discussion in 'Market News' started by Lily, Aug 19, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
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    All the day’s economic and financial news, including new figures showing if Britain achieved a surplus in July

    7.55am BST

    Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

    After a week of largely encouraging economic data from Britain, there’s still one important measure before we can clock off for the weekend - July’s UK public finances.

    The first post-referendum set of public borrowing figures look set to be disappointing. We have pencilled in a surplus of £1bn in July, marginally lower than a year ago.

    July is seasonally a good month for tax receipts with a second wave of self-assessment tax payments, quarterly corporation tax instalments and the first of three payments through the year by oil and gas firms.

    The OBR has said it planned for modest tax receipts from those oil and gas companies on the back of weak commodity prices. Our simple arithmetic process points to a surplus on the government budget of £1bn for July, but in light of modest expectations for those tax receipts and poor outturns in earlier months of this financial year the risk is for a smaller surplus or possibly even a deficit.

    Our European opening calls:$FTSE 6860 down 9
    $DAX 10590 down 13
    $CAC 4429 down 8$IBEX 8527 down 23$MIB 16657 down 17

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