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Analysts at RBS point out that the latest public sector finance data of UK economy was disappointing as government borrowing jumped to £6.8bn in August, up £2.4bn from last year, the first year-on-year rise in August for three years.

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“This was largely due to the slowest annual pace of tax receipts since November 2005 particularly corporation tax. Public spending was also higher than expected. Still, the underlying picture remains positive: cumulative borrowing over the first five months of FY18/19 was £17.8bn, £7.8bn lower than the same period a year ago. So, Chancellor Hammond has some wiggle room in his upcoming Budget.”