Latest figures confirm borrowing will be much lower than expected at the start of the year.  In  March, the OBR were forecasting borrowing of £234 billion in the  current financial year. The strong bounce back in the economy suggests  public finances are in much better state than expected.

The  Bank of England Monetary Policy Committee voted this week to keep rates  on hold and to maintain the existing target of UK government bond  purchases at £875 billion. The bank continues to hang on to the £20  billion of corporate bonds picked up in the Brexit drama five years ago.  The logic of the bond acquisition elusive, the language of the  government bond purchases now excludes "QE". JKA