Public sector finances statistics from the ONS suggest the public sector had a current budget deficit of £7.7bn in October and net borrowing of £11.4bn, £11.3bn higher than 2008, when borrowing was £0.1bn. The deficit is £9.9bn higher than last year when there was a surplus of £2.2bn. Public sector net investment was £3.7bn in October 2009 as against £2.3bn last year.
Current receipts to central government totalled £41bn in October down 9.1% from £45.2bn last October. Receipts for the April to October quarter were also down on last year. So far this financial year receipts have been 10% lower than last year compared to the 7.7% predicted in the 2009 Budget. Current expenditure was up 10.2% to £48.6bn in October 2009 from £44.1bn in 2008 and were also up on the quarter. Spending so far this financial year is 6% higher than last year. The 2009 Budget predicted it would be 7.5% higher than last year.
The public sector net cash requirement was £5.9bn, £8.4bn higher than in 2008 when the cash requirement was £-2.5bn. Net investment for the financial year so far is 61% higher than last year at £18.7bn, the 2009 Budget predicted £43.8bn or 24%.
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