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Lots of budgetary and monetary headlines out of the UK today…Probably the most impactful is the big spike in February borrowing.
Total borrowing came in at 15.183 billion pounds. According to Sky News, expectations were for a deficit of just 8 billion pounds.
This unpleasant news comes on the same day as the UK government is due to introduce its new budget.
At the same time, the Bank of England came out with its latest minutes (.pdf), though though the size of the current balance sheet was agreed two, there were two dovish dissenters:
Regarding the stock of asset purchases, seven members of the Committee (the Governor, Charles Bean, Paul Tucker, Ben Broadbent, Spencer Dale, Paul Fisher and Martin Weale) voted in favour of the proposition. Two members of the Committee (David Miles and Adam Posen) voted against, preferring to increase the size of the asset purchase programme by a further £25 billion to a total of £350 billion.
The pound is lower on the news.
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