The UK's public sector net borrowing requirement (PSNBx), excluding interventions, was 12.8bn pounds in September 2012, according to the latest data out today from the Office for National Statistics (ONS).

That was the result of a current budget deficit of -£11.2bn (versus -£11.6bn a year ago) and public sector net investment to the tune of £1.6bn. It was also the lowest such outcome for that month of the year since 2008.

The consensus estimate had been for a reading of 13.5bn for the PSNBx.

As well, the previous month's reading for PSNBx was revised lower, to show a requirement of 12.8bn versus the preliminary reading of 14.4bn.

Public sector net debt was £1,065.4bn at the end of September 2012, equivalent to 67.9% of gross domestic product (GDP).

The latest estimate for public sector net borrowing in 2011/12, as published in this bulletin, is £121.6bn, below the £126.0bn forecast by the Office for Budget Responsibility (OBR) in March 2012.

AB

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