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.<\/p>\n\n\n\n
Another deficit month, thus to bridge the gap, needs to borrow on the bond market In June 2020 , the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure and deal with the economic damage from Covid19. The term for this is The PSNCR: The Public Sector Net Cash Requirement. There were \u201conly\u201d 16 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-<\/p>\n\n\n\n
25-Jun-2020 0 1\/8% Index-linked Treasury Gilt 2029 3 months \u00a31,229.5760
\n24-Jun-2020 1 5\/8% Treasury Gilt 2054 \u00a31,768.2500 Million
\n24-Jun-2020 2\u00be% Treasury Gilt 2024 \u00a33,250.0000 Million
\n23-Jun-2020 0 1\/8% Treasury Gilt 2026 \u00a33,250.0000 Million
\n23-Jun-2020 0 3\/8% Treasury Gilt 2030 \u00a33,628.7500 Million
\n17-Jun-2020 0 1\/8% Treasury Gilt 2023 \u00a34,260.7490 Million
\n17-Jun-2020 1\u00bc % Treasury Gilt 2041 \u00a32,812.5000 Million
\n16-Jun-2020 1\u00bd% Treasury Gilt 2026 \u00a33,716.2500 Million
\n16-Jun-2020 4\u00be% Treasury Gilt 2030 \u00a32,000.0000 Million
\n11-Jun-2020 0 1\/8% Treasury Gilt 2028 \u00a34,036.6240 Million
\n11-Jun-2020 1% Treasury Gilt 2024 \u00a33,250.0000 Million
\n10-Jun-2020 0 1\/8% Index-linked Treasury Gilt 2036 \u00a3900.0000 Million
\n03-Jun-2020 1 5\/8% Treasury Gilt 2054 \u00a31,500.0000 Million
\n03-Jun-2020 2\u00bc% Treasury Gilt 2023 \u00a33,941.2490 Million
\n02-Jun-2020 0 1\/8% Treasury Gilt 2026 \u00a33,328.7500 Million
\n02-Jun-2020 0 3\/8% Treasury Gilt 2030 \u00a33,749.9990 Million<\/p>\n\n\n\n
When you add the cash raised:-<\/p>\n\n\n\n
1,229.58 Million + 1,768.25 Million + 3,250.00 Million + 3,250.00 Million + 3,628.75 Million + 4,260.75 Million + 2,812.50 Million + 3,716.25 Million + 2,000.00 Million + 4,036.62 Million + 3,250.00 Million + 900.00 Million + 1,500.00 Million + 3,941.25 Million + 3,328.75 Million + 3,750.00 = \u00a346,622.697 Million<\/strong><\/p>\n\n\n\n \u00a346,622.697 Million = \u00a346.622 Billion<\/strong><\/p>\n\n\n\n On another way of looking at it, is in the 30 days in June 2020, HM Government borrowed:- \u00a31,554.0899 Million<\/strong> each day for the 30 days.<\/p>\n\n\n\n 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 2024<\/strong> through to 2057<\/strong>. All long term borrowings, we are mortgaging our futures, but at least \u201cWe Are In It Together\u2026.<\/em><\/strong>\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" 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. Another deficit month, thus to bridge the gap, needs to borrow on the bond market In June 2020 , the HM Government had to borrow money to meet the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3547","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/3547","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3547"}],"version-history":[{"count":1,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/3547\/revisions"}],"predecessor-version":[{"id":3548,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/3547\/revisions\/3548"}],"wp:attachment":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}