Public Borrowing Down £4.4bn

Public borrowing for the year to date excluding the temporary effects of financial intervention and the effects of the transfers of the Royal Mail Pension Plan and the Asset Purchase Facility was £99.3bn, £4.4bn down on the same period in 2012-13

Public sector net borrowing (PSNB) in February excluding the temporary effects of financial interventions was £9.3bn including a £2.3bn transfer from the sale of 4G licenses but excluding the £2.7bn asset purchase facility transfer for the month. General government borrowing was £9.7bn of which central government borrowing was £10.4bn and local government borrowing was -£0.8bn, non-financial public corporations borrowing was -£0.3bn. The current budget was -£66.2bn for April to February 2014 and -£6.5bn for February.

Public sector net debt (PSND) for February 2014 excluding the temporary effects of financial intervention was £1246.8bn equal to 74.7% of GDP, up from £1,160.7bn and 72.5% respectively in February 2013. PSND for the purposes of fiscal policy is the total gross financial liabilities less liquid financial assets.

Central government receipts totalled £45.9bn, £0.5bn lower than last February. Central government expenditure in February was £53.8bn, £3.9bn up on last February. Net investment in February was £1.9bn, £2.3bn up on February last year when it was -£0.4bn. Central government net cash requirement for the year to date was £53.2bn down from £70.2bn for the same period in 2012-13.