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.
Showing posts with label budget deficit. Show all posts
Showing posts with label budget deficit. Show all posts
Friday, 20 July 2012
Wednesday, 25 April 2012
Government Borrowing Up 0.2%
The lastest bulletin on public sector finances from the ONS and HM Treasury tells us that the current budget deficit (excluding the temporary effect of financial interventions) in March 2012 was £11.1bn, £0.8bn higher than in March 2011.
Net borrowing (PSNB) was £18.2bn, £0.2bn higher than last year. The borrowing total is made up of borrowing by central government was £8.8bn, local government £8.8bn,m public corporations £0.6bn. Net debt (PSND) was £1022.5bn or 66% of GDP compared with £905.3bn at the end of March 2011.
Public sector net investment was £7.1bn.
Friday, 24 February 2012
Borrowing Down By £2.2bn
Net borrowing was £2.2bn lower in December 2011 than it was in December 2010 and the current budget deficit was £2.5bn lower in the same period according to the ONS. Public sector net debt however was up to £1003.9bn (64.2% of GDP) from £883bn at the end of December. These statistics from the ONS exclude the effects of the government's financial interventions.
The financial interventions of the government mean that the current budget deficit was £7.9bn in December 2011 (£11.3bn in 2010), net borrowing was £10.8bn (£13.9bn) and the public sector net debt was £2329.9bn or 149.1% of GDP (compared with £2257bn or 151.8% of GDP).
The financial interventions of the government mean that the current budget deficit was £7.9bn in December 2011 (£11.3bn in 2010), net borrowing was £10.8bn (£13.9bn) and the public sector net debt was £2329.9bn or 149.1% of GDP (compared with £2257bn or 151.8% of GDP).
Friday, 21 October 2011
Government Borrowing Down £1.3bn
The current budget deficit for September 2011 was £11.9bn (excluding temporary effects of financial intervention), £0.9bn lower than 2010 according to the ONS. Net borrowing was £14.1bn also lower than in September 2010 when it was £15.4bn. Net debt £966.8bn or 62.6% of GDP compared with £833bn in September 2010. Central government net cash requirement in September 2011 was £2.1bn lower than last year at £23bn.
Wednesday, 22 September 2010
Public Sector Budget Deficit Down In August
The public sector current budget deficit was £13.3bn in August 2010 compared to £14.1bn last August and £12.7bn including financial interventions. Net borrowing was £15.9bn and £15.3bn including financial interventions. Net debt was £823.3bn or 56.3% of GDP (£934.9bn).
Current receipts in August totalled £37.1bn compared to £34.9bn in August 2009 and current expenditure was £49.8bn as compared to £44.9bn last August. The public sector net cash requirement was £5.8bn compared to the £10.3bn net cash requirement of August 2009.
Current receipts in August totalled £37.1bn compared to £34.9bn in August 2009 and current expenditure was £49.8bn as compared to £44.9bn last August. The public sector net cash requirement was £5.8bn compared to the £10.3bn net cash requirement of August 2009.
Wednesday, 1 September 2010
Public Sector Finances July 2010
The public sector finances bulletin from the ONS estimates show a current budget deficit of £0.5bn in July 2010 along with net borrowing, excluding financial interventions, of £3.8bn for the same period. Net debt was £816.2bn which is equivalent to 56.1% of GDP.
General government borrowing was £3.8bn which was made up of £3.4bn borrowed by central government and £0.4bn by local government. Public corporations showed a surpus of £0.6bn on their borrowing so public sector borrowing was £3.2bn in July.
General government borrowing was £3.8bn which was made up of £3.4bn borrowed by central government and £0.4bn by local government. Public corporations showed a surpus of £0.6bn on their borrowing so public sector borrowing was £3.2bn in July.
Wednesday, 21 July 2010
Budget Deficit Higher Than Last Year
The most recent estimates of public sector finances from the ONS say that in June 2010 there was a current budget deficit of £12.6bn but if the financial interventions are excluded from the figure the current budget deficit is £13.3bn, £1.1bn higher than in June 2009.
Public sector net borrowing (PSNB) was £14.5bn compared with £14.7bn in June 2009. If financial interventions are excluded PSNB for June 2010 was £15.2bn, £0.3bn higher than June 2009. On a financial year basis PSNB was £40.3bn April-June 2010 compared with £40.9bn in the same period in 2009. Public sector net debt (PSND) was £926.9bn or 63.9% of GDP but without the financial interventions the PSND was £813.7bn or £56.1% of GDP from £664bn at the end of June 2009 which was equivalent to 47.7% of GDP. Public sector net investment of £1.9bn compared with £2.8bn in June 2009.
The public sector net cash requirement was £20.9bn, £0.7bn higher compared with the requirement of £20.2bn in June 2009. Central government borrowing was £15.3bn compared with £19bn in 2009. Total current receipts were £37bn, current expenditure was £49.3bn and with depreciation at -£0.6bn the current budget was -£12.9bn. Local government borrowing was £0.1bn compared with -£0.1bn in 2009.
Public sector net borrowing (PSNB) was £14.5bn compared with £14.7bn in June 2009. If financial interventions are excluded PSNB for June 2010 was £15.2bn, £0.3bn higher than June 2009. On a financial year basis PSNB was £40.3bn April-June 2010 compared with £40.9bn in the same period in 2009. Public sector net debt (PSND) was £926.9bn or 63.9% of GDP but without the financial interventions the PSND was £813.7bn or £56.1% of GDP from £664bn at the end of June 2009 which was equivalent to 47.7% of GDP. Public sector net investment of £1.9bn compared with £2.8bn in June 2009.
The public sector net cash requirement was £20.9bn, £0.7bn higher compared with the requirement of £20.2bn in June 2009. Central government borrowing was £15.3bn compared with £19bn in 2009. Total current receipts were £37bn, current expenditure was £49.3bn and with depreciation at -£0.6bn the current budget was -£12.9bn. Local government borrowing was £0.1bn compared with -£0.1bn in 2009.
Tuesday, 1 June 2010
Perspectives On The Coalition's Programme
The Conservative/Liberal Democrat coalition recently set out it's programme for government in the Queen's Speech during the State Opening of Parliament. There were a number of responses to the Queen's Speech from industry.
The CBI agreed with the Coalition putting deficit reduction and securing economic growth at the heart of it's programme. The CBI called the speech ambitious and far reaching and said the Government has a sense of responsibility. They welcomed the NICs measures because the economy should be encouraged to create jobs, they were encouraged by the tax and benefits proposals and the reforms affecting the responsibilities of the Bank of England. The creation of an Office for Budget Resposibility (OBR) was welcomed as something the like of which they have been calling for some time to add some transparency and credibility. On planning they say that a new major renewal of infrastructure is needed but that the Government had some innovative ideas that may help local authorities accept new developments. They welcomed the Government's commitment to the climate change agenda and that emissions reductions targets could be reached if consumers and business improve energy efficiency. They support the Goverment's plan to increase and improve the diversity of education providers to help with failing schools and to give young people the knowledge and skills they need to be successful and they also support the idea of creating a single welfare-to-work programme tailoring to unique needs. The CBI believes the Government should give more scope in innovation and efficiency to the re-engineering of the health service and other public services without affecting the quality of services and that private sector providers deliver high-quality services within the NHS.
The FSB welcomes the plan to safeguard jobs, support the economy, simplify the tax system and the reversal of the NICs plan. It also welcomes the plan to support high-speed broadband Internet connections as more than half of small businesses rely on the Internet for up to 50% of their business. It would help, in particular, small firms in rural areas. The FSB will be looking into the proposals to introduce more flexible working. It also welcomes the proposals for a universal postal system.
The NFU saw the speech as a 'cuts' agenda containing numerous Bills aimed at facilitating the £6bn of cuts necessary to cut the budget deficit and restore economic growth. They noted a lack of Bills relating to agriculture and the food industry and the fact that Defra was not given any primary legislation to pilot for the next 18 months. The NFU were interested in proposals to reduce the number of quangos and whether they will affect Defra in any way. Also of interest were the green energy proposals for energy efficiency in homes and businesses. The proposed Decentralisation and Localism Bill is central to the drive to devolve greater powers to councils and local communities over planning. Regional Development Agencies may be replaced with Local Economic Partnerships if the propoals are successful. NICs proposals for employees may still go ahead even if the plans for employers and reversed. The NFU were also interested in the proposed commitment to hold a referendum if there are any more EU Treaty measures that directly affect UK sovereignty. Non-primary legislation of interest included the high-speed Internet connections proposals as it will include consideration of increasing availablity of broadband in rural areas. The NFU also noted the absence of proposals for flood provision and sharing the cost and responsibility for animal health.
The CLA welcomed the proposed Energy Bill saying it is a chance to improve energy efficiency. They warned that the proposed Decentralisation and Localism Bill could create more red tape around gaining planning permission. The CLA insists that rural businesses should not be left behind in the roll-out of high-speed broadband connections.
The TUC said that the Speech contained some important issues they could welcome like restoring the state pension link with earnings, cracking down on high-risk activities in the City and an the plans for green energy. They saw possible positive changes in extending flexible working rights to all employees and action to close the pay gap. However, plans to end initiatives to get young people into work, the abolishing of key public bodies and the resulting public sector job losses could only worsen the economic situation. They also emphasised that the focus on reducing the deficit is a mistake. The focus should have been on restoring growth and reducing unemployment.
The Cabinet Office has also announced that there will be an emergency Budget on 22 June that will set out a comprehensive and credible plan to eliminate the deficit over the course of the Parliament. The independent Office for Budget Responsibility has been created for best practice in fiscal transparency.
The CBI agreed with the Coalition putting deficit reduction and securing economic growth at the heart of it's programme. The CBI called the speech ambitious and far reaching and said the Government has a sense of responsibility. They welcomed the NICs measures because the economy should be encouraged to create jobs, they were encouraged by the tax and benefits proposals and the reforms affecting the responsibilities of the Bank of England. The creation of an Office for Budget Resposibility (OBR) was welcomed as something the like of which they have been calling for some time to add some transparency and credibility. On planning they say that a new major renewal of infrastructure is needed but that the Government had some innovative ideas that may help local authorities accept new developments. They welcomed the Government's commitment to the climate change agenda and that emissions reductions targets could be reached if consumers and business improve energy efficiency. They support the Goverment's plan to increase and improve the diversity of education providers to help with failing schools and to give young people the knowledge and skills they need to be successful and they also support the idea of creating a single welfare-to-work programme tailoring to unique needs. The CBI believes the Government should give more scope in innovation and efficiency to the re-engineering of the health service and other public services without affecting the quality of services and that private sector providers deliver high-quality services within the NHS.
The FSB welcomes the plan to safeguard jobs, support the economy, simplify the tax system and the reversal of the NICs plan. It also welcomes the plan to support high-speed broadband Internet connections as more than half of small businesses rely on the Internet for up to 50% of their business. It would help, in particular, small firms in rural areas. The FSB will be looking into the proposals to introduce more flexible working. It also welcomes the proposals for a universal postal system.
The NFU saw the speech as a 'cuts' agenda containing numerous Bills aimed at facilitating the £6bn of cuts necessary to cut the budget deficit and restore economic growth. They noted a lack of Bills relating to agriculture and the food industry and the fact that Defra was not given any primary legislation to pilot for the next 18 months. The NFU were interested in proposals to reduce the number of quangos and whether they will affect Defra in any way. Also of interest were the green energy proposals for energy efficiency in homes and businesses. The proposed Decentralisation and Localism Bill is central to the drive to devolve greater powers to councils and local communities over planning. Regional Development Agencies may be replaced with Local Economic Partnerships if the propoals are successful. NICs proposals for employees may still go ahead even if the plans for employers and reversed. The NFU were also interested in the proposed commitment to hold a referendum if there are any more EU Treaty measures that directly affect UK sovereignty. Non-primary legislation of interest included the high-speed Internet connections proposals as it will include consideration of increasing availablity of broadband in rural areas. The NFU also noted the absence of proposals for flood provision and sharing the cost and responsibility for animal health.
The CLA welcomed the proposed Energy Bill saying it is a chance to improve energy efficiency. They warned that the proposed Decentralisation and Localism Bill could create more red tape around gaining planning permission. The CLA insists that rural businesses should not be left behind in the roll-out of high-speed broadband connections.
The TUC said that the Speech contained some important issues they could welcome like restoring the state pension link with earnings, cracking down on high-risk activities in the City and an the plans for green energy. They saw possible positive changes in extending flexible working rights to all employees and action to close the pay gap. However, plans to end initiatives to get young people into work, the abolishing of key public bodies and the resulting public sector job losses could only worsen the economic situation. They also emphasised that the focus on reducing the deficit is a mistake. The focus should have been on restoring growth and reducing unemployment.
The Cabinet Office has also announced that there will be an emergency Budget on 22 June that will set out a comprehensive and credible plan to eliminate the deficit over the course of the Parliament. The independent Office for Budget Responsibility has been created for best practice in fiscal transparency.
Thursday, 27 May 2010
Increase In Deficit In April
The public sector finances provisional estimates for April from the ONS say that there was a current budget deficit of £9.3bn in April 2010 and net borrowing (PSNB) of £10bn. In April 2009 the budget deficit was £7.6bn and net borrowing was £8.8bn. At the end of April net debt (PSND) was £893.4bn equivalent to 62.1% of GDP compared to £755.4bn and 53.9% last year. If financial interventions are excluded PSNB was £11.12bn and PSND was £772bn or 53.8%.
Monday, 21 December 2009
Public Sector Borrowing Up In November
The public sector finances showed a current budget deficit of £16.2bn in November 2009 compared to a deficit of £13.2bn for November last year, an increase of £3bn. Net borrowing reached £20.3bn in November this year, £4.9bn higher than the £15.5bn in 2008. Net debt was £844.5bn which equals 60.2% of GDP compared to £706.2bn which was 49.6% of GDP last year. Public sector net cash requirement was £14.7bn, £4bn more than the £10.6bn net cash requirement of last year.
Public sector net investment totalled £4.1bn which when added to the current budget deficit of £16.2bn gives the total public sector net borrowing figure of £20.3bn. The sectoral breakdown of borrowing shows that central government accounted for £20.6bn, local government £0.8bn and the total was offset by £1.1bn from revisions for public corporations.
Current receipts in Novemeber amounted to £33.8bn, 3% lower than the same month last year, and current expenditure to £50.3bn, 6.4% higher than last year, of which £16.2bn was social benefits and £3.5bn interest. Income and wealth taxes accounted for £10.3bn of the current receipts but the biggest contributor was taxes on production of £13.7bn.
Public sector net investment totalled £4.1bn which when added to the current budget deficit of £16.2bn gives the total public sector net borrowing figure of £20.3bn. The sectoral breakdown of borrowing shows that central government accounted for £20.6bn, local government £0.8bn and the total was offset by £1.1bn from revisions for public corporations.
Current receipts in Novemeber amounted to £33.8bn, 3% lower than the same month last year, and current expenditure to £50.3bn, 6.4% higher than last year, of which £16.2bn was social benefits and £3.5bn interest. Income and wealth taxes accounted for £10.3bn of the current receipts but the biggest contributor was taxes on production of £13.7bn.
Friday, 22 May 2009
Current Budget Deficit Higher Than Last Year
The public sector finances fiscal indicators published by the Office for National Statistics and the Treasury tell us that the public sector current budget showed a deficit £7.0 bn, £6.3 bn higher than April 2008. Public sector net borrowing was £8.5 bn, £6.6 bn higher than last year and the public sector net cash requirement, the deficit plus the interest paid to those from whom the government borrows, was £5.2 bn, £8.0 bn higher than April 2008, when there was a repayment of £2.9 bn. The public sector net debt stood at £754bn or 53.2% of GDP compared to £618.7 bn or 42.9% of GDP last April. Public sector net debt, excluding financial sector interventions for Q1 2009 was £609 bn or 42.9% GDP.
The Institute for Fiscal Studies said that the Government borrowed about £3 billion less in 2008-9 than they thought in the Budget last month. This was due they said to current spending being lower and taxes higher than thought at the time of the Budget
The Institute for Fiscal Studies said that the Government borrowed about £3 billion less in 2008-9 than they thought in the Budget last month. This was due they said to current spending being lower and taxes higher than thought at the time of the Budget
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