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British public sector debt swells

Public sector net debt in Britain swelled to £799 billion, or 56.6% of gross domestic product (GDP) in June, according to the Office for National Statistics (ONS).

Net borrowing in the public sector was £13 billion over the month, almost double the £7.5 billion net borrowing in June 2008.

Despite the increase, net borrowing fell on a monthly basis, having hit £19.9 billion in May.

The budget deficit rose to £9.9 billion, £4.1 billion more than in June 2008, with tax revenues over the second quarter £11 billion lower than over the same period in 2008.

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Lawrence House reduces cash

Fund of funds manager Lawrence House has reduced cash to a minimum in its portfolios because fund manager Alan Stokes felt it was more dangerous to be out of the market than in it.

Passive pursuit

One of the ways I ensure my CPD log is up to date is to attend G&N investment trust seminars. There are a number of reasons for this. First, they are conveniently held in the heart of the City, not far from where I have an office. Second, those presenting are investment trust managers and I have a soft spot for this, the granddaddy of the professional investment management movement.


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