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U.K. public sector net borrowing surges in February

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Forex Pros - Public sector net borrowing in the U.K. rose significantly more-than-expected in February, 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 jumped to GBP10.3 billion in February, after tumbling to GBP-6.3 billion in January, whose figure was revised from GBP-5.3 billion.

Economists had expected public sector net borrowing to increase to GBP5.7 billion in February.

Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD rising 0.31% to hit a 14-month high of 1.6360.

Meanwhile, European stock markets were up. The FTSE 100 climbed 0.34%, the EURO STOXX 50 gained 0.69%, France's CAC 40 added 0.48%, while Germany's DAX was up 0.08%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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