Government Borrowing Down £1.3bn

The key measures of the public sector finances published by the ONS show that in August 2013 public sector net borrowing was £13.2bn, £1.3bn lower than in August 2012 when it was £14.4bn. This is because the public sector current budget was -£11.2bn and public sector net investment was £1.9bn. Public sector net debt was £1,193bn or £74.6% of annual GDP.

The sectoral breakdown of public sector borrowing (PSNB) shows that in August 2013 general government borrowing was £13.8bn of which central government accounted for £12.7bn and local government £1.1bn. Non-financial public corporations accounted for -£0.6bn and gives the PSNB figure of £13.2bn.

The central government net cash requirement (CGNCR) was £9.1bn, £0.6bn up on last year. The CGNCR for the 6 months from April to August 2013 was £26.4bn, 12.6% or £3.8bn lower than in the same period the previous year.

These figures exclude the temporary effects of financial intervention.

Current Deficit Up £0.9bn

The public sector current budget deficit was £10.6bn in March 2013, up £0.9bn on March last year. Public sector net borrowing was down £1.6bn on last March to £15.1bn. Both the current budget deficit and net borrowing are reduced by £6.4bn due to cash transfers from the Bank of England Asset Purchase Facility Fund to Government. The Royal Mail Pension Plan also brought net borrowing down and public sector net investment down by £28bn.

Public sector net investment was £4.6bn compared to £7bn in March 2012. The 4G Spectrum auction receipts of £2.3bn are included in the 2012/13 PSNB ex figures. The 4G auction like the Olympics are recent events that affect public sector finances statistics. The central government net cash requirement for 2012/13 was £109.5bn, £17bn lower than in 2011/12 (£126.5bn). Public sector net debt was £1,185.8bn or 75.4% of GDP.

Public Sector Borrowing £2.7bn

Public borrowing increased again in October. PSNB increased by £2.7bn from £5.9bn in October 2011 to £8.6bn in October 2012. The current budget deficit also increased by £2.3bn from £4.4bn in ctober 2011 to £6.7bn in October this year. Public sector net debt was £1,068.8bn, equivalent to 67.9% of GDP.

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.

Public Debt Growth In May

The Government's current budget deficit excluding the temporary effects of financial interventions was £16.9bn in May 2012 from -£14.2 in May 2011. Net borrowing was £17.9bn from £15.2bn and the net debt was £1013.4bn up from £921.3bn, a difference of £92.1bn.

Public Borrowing Lower Than Last December

The latest ONS figures for public sector finances show that there was a current budget deficit (excluding the temporary effects of financial interventions) of £10.8 billion in December 2011, £2.5bn lower than in December 2010.

Public sector net borrowing (excluding the temporary effects of financial interventions) of £13.7 billion in December 2011, £2.2bn lower than December 2010.

Public sector net debt (excluding the temporary effects of financial interventions) was £1003.9 billion, equivalent to 64.2% of GDP. PSND was £883bn in December 2010.

Public Sector Deficit Increase In April

Public sector finances statistics show that in April 2011 the current budget was -£8.4bn and net borrowing was £10bn compared with -£5.6bn and £7.3bn respectively in April 2010. Net debt increased from £765.5bn to £910.1bn or 60.1% of GDP. Public sector net investment was £1.6bn down slightly from £1.7bn in 2010.

Public Sector Deficit £6.5bn

The public sector current budget deficit in February 2011 was £6.5bn (excluding the temporary effects of financial interventions). Net borrowing was £11.8bn. Central government borrowing was £10.3bn and local government £1.7bn (General government borrowing £12bn) with public corporations -£0.2bn. Public sector net investment was £5.2bn, less than the £5.8bn invested in February 2010. Net debt at the end of February was £875.8bn, or 58% of GDP.

Central government receipts were £43.1bn and expenditure was £49.3bn giving a current budget deficit of -£6.8bn. The net investment of £3.5bn gives the net borrowing figure of £10.3bn.

Budget Deficit Increase £1.5bn

The public sector current budget deficit in September 2010 was £13.2bn, an increase of £1.5bn on September 2009 and public sector net investment was £3bn. Public sector borrowing was £0.7bn up on 2009 at £16.2bn. The public sector net debt was £842.9bn up from £687.5bn at the end of September 2010. These figures exclude the effects of the financial interventions.

Total current receipts for September 2010 were £38bn and total current expenditure £50.7bn giving a current budget of -£13.3bn when taking depreciation and investment into account.

Public Sector Finances For February

The public sector finances bulletin from the ONS says that there was a current budget deficit of £6bn in February 2010, net borrowing of £12.4bn and net debt of £857.5bn at the end of February 2010. This compares with a current budget deficit of £2.5bn, net borrowing of £8.8bn and net debt of £712.4bn in February 2009.

The public sector net borrowing figure is represented by net investment of £6.3bn and the current budget deficit of £6bn compared to the £2.5bn deficit of 2009 accounts for the change in the borrowing figure. The components of public sector borrowing are central government at £11.3bn, local government at £2.2bn and public corporations at-£1.1bn. There is quite a difference in borrowing between April-February 2008-9 and 2009-2010 with an increase of £69bn in central government borrowing accounting for the vast majority of it.

Net borrowing excluding financial interventions for Q3 2009 was £49.4bn and net debt excluding financial interventions at the end of December 2009 increased to £741.6bn from £596.9bn in the previous year.

Total current receipts were £42.6bn in February 2010 comapred with £41.1bn in 2009. Total current expenditure was £48.6bn in February 2010 compared with £42.3bn in 2009. The public sector net cash requirement was £7.7bn, £3bn more than in February 2009.

Government Receipts Down, Spending On Target

The latest public sector finances statistics from the ONS show that in July the public sector had a current budget deficit of £5.1bn and net borrowing of £8bn. At the end of July net debt was £800.8bn or 56.8% of GDP.

The public sector current deficit is £13bn higher than last year when there was a surplus of £7.8bn and the net borrowing is £13.2bn higher than last year when the public sector was lending net of £5.2bn. Latest figures for net debt without financial sector intervention are for June when net debt was £658.1 or 46.6% of GDP. Whereas last year the public sector made a repayment of £14.5bn the net cash requirement for July this year was £0.2bn an increase of £14.7bn. Comparing the net debt shows that last year the net debt was 43.5% of GDP at £627.2bn.

Government receipts were 15.3% lower than the same month last year and government spending was 7.5% higher. Net investment was £2.9bn compared with £2.6bn last year. The Institute of Fiscal Studies said that receipts of Corporation Tax and VAT collapsed to two-thirds of their July 2008 level more than the Treasury predicted in the Budget over the year. Spending is increasing as predicted. They also add that there are good reasons to expect a better performance in revenues over the next few months. The reversal of the VAT cut scheduled for the end of 2009 is one of them.