Forex Pros – Public sector net borrowing in the U.K. fell significantly more-than-expected in January, official data showed on Tuesday.
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 fell to GBP5.3 billion in January, after rising by GBP14.5 billion in December, whose figure was revised down from GBP15.3 billion.
Economists had expected public sector net borrowing to decline by GBP0.7 billion in January.
Following the release of that data, the pound was down against the U.S. dollar, with GBP/USD shedding 0.33% to hit 1.6173.
Meanwhile, European stock markets were broadly lower. The FTSE 100 tumbled 1.06%, the EURO STOXX 50 dropped 1.19%, France’s CAC 40 was down 1.38%, while Germany’s DAX slumped 0.55%.
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