UK June government borrowing data now out 21 July
– GBP 7.0bln prev revised up from 6.7bln
– PSNBR ex banking groups GBP 6.3bln vs 6.4bln prev revised up from 6.0bln
Bigger than expected deficit. Rising inflation means govt paying more interest on its debt/index-linked bonds and not going to help fin min Hammond balance the books.