UK OBR: Rise in debt-to-GDP ratio driven by assumed sharp fall in GDP

The rise in the debt-to-GDP ratio is driven more by the assumed sharp fall in the GDP rather than an increase in debt, the UK's Office for Budget Responsibility (OBR) said on Friday.

"Latest official budget deficit data rely heavily on estimates, it will be months before the true cost is clear," the OBR added in its statement. "It's not possible to say at this stage what the overall size or direction of future public borrowing revisions might be."

Market reaction

The GBP/USD pair largely ignored these remarks and was last seen losing 0.4% on the day at 1.2175.