Pound steady as public sector borrowing falls to £12.8bn

<p>Sterling is steady following news public sector borrowing has fallen.</p>

The pound is steady in forex trading this morning (October 19th), as it has been revealed public sector borrowing in the UK has fallen to £12.8 billion.

According to the Office for National Statistics, this was down from £13.5 billion in the same month last year and was below market expectations.

Furthermore, the previous months' data for this financial year was revised lower by a total of £6.7 billion.

August's record figure of £14.4 billion was changed from £14.4 billion to £12.8 billion.

Total government net debt has now been taken to £1,065 million – which is equivalent to 67.9 per cent to total annual economic output, with public borrowing for the year now standing at £38.6 billion compared to this time last year's figure of 362.8 billion.

At 10:55 BST, the pound appreciated by 0.1 per cent to £1 buying $1.606, while against the euro sterling rose by 0.2 per cent, so £1 now equals €1.230.

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