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(RTTNews) - Corrects the final sentence in the second paragraph
U.K.s public sector net borrowing was GBP 10 billion in April compared to a borrowing of GBP 8.8 billion in April 2009, data from Office for National Statistics showed Friday. The forecast for 2010/11 is net borrowing of GBP 157 billion. Consensus forecast for April was GBP 10.9 billion.
The public sector net cash requirement was GBP 8.8 billion, a GBP 4 billion higher net cash requirement than in April 2009, when there was a net cash requirement of GBP 4.9 billion. PSNCR stood above the expected GBP 7 billion.
At the end of April 2010, public sector net debt was GBP 893.4 billion, which was equivalent to 62.1% of GDP. This was larger than the GBP 755.4 billion debt or 53.9% of GDP as at the end of April 2009.
For comments and feedback: contact editorial@rttnews.com
1,4450 sell limit,,hopefully we get there..:-)
as an economist by education, if mervin kings prediction is correct he must be implying weak economic demand in 2011/2012 or else they are telling porkies. I suspect he is predicting the former which is what i believe and also bolsters my weak sterling trend going forward.
"UK inflation hits 17-month high
Page last updated at 9:48 GMT, Tuesday, 18 May 2010 10:48 UK
Food basket Food price rises have added to inflationary pressures
UK inflation accelerated again in April to hit its highest rate in 17 months, official figures show.
On the Consumer Prices Index (CPI) measure, inflation hit 3.7% - well above the target of 2% and the highest rate since November 2008.
On the Retail Prices Index (RPI) measure, which includes housing costs, inflation was up to 5.3%.
The Office for National Statistics (ONS) said food prices in particular had seen sharp rises.
Disruption caused by the volcanic ash cloud last month helped push food prices up by 2.6%, the ONS said.
Higher duty on alcohol and cigarettes introduced in April's Budget added to inflation, it added, and clothes prices also rose.
But the statistics agency said the impact of fuel price rises on inflation had been limited.
'Short-term' move
Bank of England governor Mervyn King will write a letter of explanation to the new Chancellor, George Osborne, as the official CPI measure remains more than one percentage point above the 2% target.
Earlier this month Mr King said he expected inflation to be higher in the coming months than previously forecast, but insisted that it would slow to below the 2% target before the end of the year.
April's consumer price inflation rate of 3.7% should mark the peak
Howard Archer Chief economist, IHS Global Insight
Interest rates are also expected to remain at their current historic low, economists predicted.
"We do not expect the Bank of England to increase interest rates this year in response to what is a short-term pick up in inflation," said Hetal Mehta, senior economic adviser to the Ernst & Young ITEM Club.
Howard Archer, chief economist at IHS Global Insight, said he expected inflation to begin falling again immediately.
"April's consumer price inflation rate of 3.7% should mark the peak," he said.
"Inflation is expected to start heading down in the near term as temporary upward pressures start to unwind."
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