Public Borrowing Up 0.6%

The ONS released the latest public sector finance figures recently and public sector net borrowing (ex. financial interventions) was £15.4bn in December 2012, 0.6bn higher than Decmber 2011 (£14.8bn). The public sector current budget deficit was £13bn, 0.5bn higher than December 2011 (£12.5bn). Public sector net borrowing was £121.6bn in 2011/12 £4.4bn lower than the £126bn the OBR expected. Public sector net debt (PSND) was £1,111.4bn euivalent to 70.7% of GDP. Net Investment was £2.4bn.

PSNB ex(excluding the effects of financial interventions) was £15.4bn because central government borrowing was £15bn, local government borrowing was £0.2bn and non-financial public corporations borrowing was £0.2bn. Public sector banking groups borrowing was -£2.2bn and PSNB was £13.2bn. The central government net cash requirement was £22bn.

Net Borrowing Lower Than Predicted

Public sector net borrowing increased by £0.5bn to £14.4bn in June 2012 compared with June 2011. The net budget deficit was £0.6bn higher at £13bn.

Over the year 2011/12 public sector net borrowing was £125.7bn, £0.3bn lower than predicted by the Office for Budget Responsibility.

Public sector net debt was £1038.3bn equivalent to 66.1% of GDP.