Monthly Archives: February 2022

HM Government Borrowings: January 2022

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands. []

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In January 2022, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement. There were “only” 3 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

26-Jan-2022 0 1/8% Index-linked Treasury Gilt 2051 3 months 600.0000 Million
18-Jan-2022 0½% Treasury Gilt 2029 3,124.9980 Million
11-Jan-2022 0 3/8% Treasury Gilt 2026 3,000.0000 Million

£600.0000 Million + £3,124.9980 Million + £3,000.0000 = £6,724.998 Million

£6,724.998 Million = £6.724998 Billion

On another way of looking at it, is in the 31 days in January 2022, HM Government borrowed:- £ 216.93541935483870967741935483871 Million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature from 2026 through to 2051. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

The Mercantile Investment Trust

The Mercantile Investment Trust plc is a FTSE-250 London listed investment trust.

The Mercantile Investment Trust plc seeks out quality UK medium and smaller sized companies outside the FTSE 100 to build a portfolio of stocks that offer clear and compelling opportunities for future growth.
One of the largest UK equity investment trusts and a history stretching back more than 130 years

Top holdings as of 31/12/2021

Watches of Switzerland Consumer Discretionary 4.4% of the fund
Future Consumer Discretionary 3.7% of the fund
Intermediate Capital Financials 3.3% of the fund
Bellway Consumer Discretionary 3.0% of the fund
IMI Industrials 2.6% of the fund
Softcat Technology 2.6% of the fund
Computacenter Technology 2.5% of the fund
Dunelm Group Consumer Discretionary 2.5% of the fund
Electrocomponents Industrials 2.4% of the fund
Spirax Sarco Industrials 2.3% of the fund

BT plc Feb 2022 Dividend

Today, British Telecommunications PLC, the UK’s premier telecommunications giant, pays out its Feb dividend.

2.31p a share.

The total number of voting rights in BT Group plc on that date was 9,919,692,092.


9,919,692,092 x £0.0231 = £229,144,887.3252

That is £229 million.

Vodafone Feb 2022 Dividend.

Tomorrow, Vodafone PLC pays out its Feb 2022 dividend.

€0.045 = 3.75826p a share.

The total number of voting rights in Vodafone is 27,064,398,704


27,064,398,704 x £0.0375826 = £1,017,150,470.73295

That is £1,017,150,470 = £1017 Million = £1.017 Billion

United Utilities Feb 2022 dividend

Today, the UK Water Utility, United Utilities pays out its Feb 2022 dividend.

14.5p a share.

The total number of voting rights in the company stood at 681,888,418 and the total
ordinary shares in issue were 681,888,418.


681,888,418 x £0.145 = £98,873,820.61

That is £98million