Proactive Investors - UK public borrowing has come in much lower than expected last month, but it was still the fourth highest October figure since 1993.
Despite the disruption in the wake of September's chaotic mini-budget, borrowing fell month on month from £20bn to £13.5bn, much lower than the forecasts of around £22bn.
But it was £4.4bn higher than a year ago and £1.8bn more than in the pre-pandemic October 2019.
Public sector net borrowing, excluding public sector banks, was £13.5 billion in October 2022.This was £4.4 billion more than in October 2021 and the fourth highest October borrowing since monthly records began in 1993.
➡️ https://t.co/e92w9opnec pic.twitter.com/aAP3fwT1xk
— Office for National Statistics (ONS) (@ONS) November 22, 2022
Public sector net debt, excluding public sector banks, was £2,459.9 billion at the end of October 2022, or around 97.5% of GDP.An increase of £148.3 billion but a decrease of 0.5 percentage points of GDP compared with October 2021. pic.twitter.com/MgdPGEj3XS
— Office for National Statistics (ONS) (@ONS) November 22, 2022
7.00am: FTSE 100 seen higher, oil price rebounds
FTSE 100 expected to open higher on Tuesday supported by a rebound in oil prices after Saudi Arabia denied a report that oil producers were discussing a production increase for their next meeting, saying a cut approved last month would stay in place until the end of 2023.
The report yesterday in the Wall Street Journal had sent oil prices and oil stocks tumbling. But the denial saw Brent spike to around $87.60/barrel from $83.07 at the London close on Monday.
In London, spread betting companies are calling the lead index up by around 20 points.
In the US markets closed the wrong side of the line but off worst levels for the day after the San Francisco Federal Reserve President Mary Daly commented that officials need to be careful to avoid a "painful downturn."
At the close the Dow Jones Industrial Average was down 45 points, or 0.13%, at 33,700.28, the S&P 500 slipped 15 points, or 0.39%, to 3,950 and the Nasdaq Composite fell 122 points, or 1.1%, to 11,025.
In London, results are due from Severn Trent PLC (LON:SVT), Homeserve PLC (LON:HSV) and Helical Bar Plc (LON:HLCL) amongst others.