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A Reuters poll of primary dealers before the budget came out on Monday showed that Britain appears likely to reduce bond issuance this fiscal year as public borrowing is better than expected.
With only five months to go before Britain exits the EU, Britain and the EU have yet to reach an agreement, and most analysts believe that Chancellor of the Exchequer, Philip Hammond, will be cautious about the budget.
If he chooses to be cautious, this fiscal year (2018/19) will be better than expected, leaving some leeway for public finances.
The Office of Budget Responsibility (OBR) on Monday is expected to cut its forecast for the UK's budget deficit for fiscal year 2018/19 to about 31.7 billion pounds ($40.53 billion) from 37.1 billion, according to the median estimate of primary dealers surveyed on Friday.
Primary dealers refer to banks that buy and sell government bonds directly to the government to help build liquidity markets.
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A Reuters poll showed that this year's reduction in borrowing plans meant that the UK Debt Authority (DMO) could reduce its 2018/19 bond issuance plan to 101 billion pounds from the 106 billion expected in April.
This will be the lowest annual issuance scale of British government bonds since 2007/08.
However, before some difficult times come, such a decline may prove to be only a very low level.
According to the OBR, even without considering the impact of Britain's exit from Europe on economic growth, population ageing will put pressure on public finances in the coming years.
Several forecasters said the DMO might keep its bond issuance guidelines unchanged this year and accumulate some excess financing before the more difficult 2019/20.


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