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Analysts at TD Securities, note that the UK’s Public Sector Net Borrowing (PSNB) data for July showed a surplus of £1.3bn, compared to consensus of £2.9bn and £3.6bn in July 2018.

Key Quotes

“After a couple of years of the fiscal data generally surprising to the upside, the YTD fiscal deficit is now 60% higher than a year ago, suggesting that the rapid improvement that we had seen recently is likely behind us now.”