The public sector net borrowing surplus in the U.K. narrowed less than expected in June, 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, posted a surplus of £9.51 billion last month.
Analysts had expected the U.K. public sector net borrowing surplus to narrow to £9.2 billion in June from a surplus of £11.86 billion in May, whose figure was revised up from a £11.48 billion surplus.
Public sector net borrowing excluding temporary effects of financial interventions was £11.4 billion, above expectations for £10.5 billion.
Following the release of that data, the pound held on to modest losses against the U.S. dollar, with GBP/USD easing down 0.09% to trade at 1.7061.
Meanwhile, European stock markets were higher. London’s FTSE 100 advanced 0.65%, the DJ Euro Stoxx 50 rose 0.5%, France's CAC 40 picked up 0.4%, while Germany's DAX tacked on 0.45%.