Market comment

A little room for manoeuvre in March 11th Budget

DAVY VIEW

UK public finance data showed borrowing of £55bn in the first nine months of the 2019/2020 budget year, up 8% but better than expected on robust tax receipts. Borrowing in 2019/2020 looks set to equal 1.9% of GDP, limiting Sajid Javid’s room for manoeuvre in the March 11th budget. He probably has room for close to £10bn of new capital projects while skirting close to his own fiscal rule to limit borrowing to 3% of GDP.

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Jan 23 2020, 08:10 GMT

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