The budget surplus in the UK narrowed to GBP 2.0 billion in July 2019 from GBP 4.2 billion in the same month of the previous year and compared to market expectations of a GBP 2.65 billion surplus. Excluding state-controlled banks, the public sector had a borrowing surplus of GBP 1.3 billion, GBP 2.2 billion less surplus than in July 2018. Tax receipts were slightly up, while government spending increased 4.2 percent on the back of purchases of goods and services and staff costs. For the first four months of the financial year starting in April, Britain has borrowed GBP 16.0 billion, up 60 percent compared with a year ago. Government Debt in the United Kingdom averaged -3983.32 GBP Million from 1993 until 2019, reaching an all time high of 14628 GBP Million in January of 2019 and a record low of -19956 GBP Million in April of 2012.
Government Debt in the United Kingdom is expected to be -3200.00 GBP Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Government Debt in the United Kingdom to stand at -3780.00 in 12 months time. In the long-term, the United Kingdom Public Sector Net Borrowing is projected to trend around -2440.00 GBP Million in 2020, according to our econometric models.