Investing.com - The public sector net borrowing surplus in the U.K. widened unexpectedly in April, official data showed on Thursday.
In a report, the U.K. National Statistics Office said that public sector net borrowing, or the difference in value between public spending and income, posted a surplus of £9.6 billion last month.
Analysts had expected the U.K. public sector net borrowing surplus to narrow to £3.5 billion in April from a surplus of £6.1 billion in March, whose figure was revised up from a £4.9 billion surplus.
Public sector net borrowing excluding the temporary effects of financial interventions, the transfer of the Royal Mail Pension Plan and the transfers from the Bank of England Asset Purchase Facility Fund was £11.5 billion. This was £1.9 billion higher than in April 2013, when it was £9.5 billion.
Public sector net borrowing excluding temporary effects of financial interventions was £7.4 billion. This was £1.7 billion higher than in April 2013, when it was £5.6 billion.
Public sector net debt excluding temporary effects of financial interventions was £1,270.8 billion, equivalent to 75.6% of gross domestic product.
Following the release of that data, the pound turned lower against the U.S. dollar, with GBP/USD easing down 0.12% to trade at 1.6882, compared to 1.6906 ahead of the data.
Meanwhile, European stock markets were higher. London’s FTSE 100 advanced 0.3%, the Euro Stoxx 50 rose 0.1%, France''s CAC 40 picked up 0.1%, while Germany''s DAX tacked on 0.25%.