Government Borrowing £14.1bn In November

Public sector net borrowing (PSNB ex) was £14.1bn in November 2014 down £1.6bn on November 2013. The figure of £14.1bn is made up of the current budget deficit of £11.6bn added to net investment of £2.5bn. The fall is mainly due to a decrease of £1.2bn in central government net borrowing. Net debt at the end of November was £1,457.2bn or 79.5% GDP.

A sub-sector breakdown of net borrowing (PSNB) shows that central government borrowing was £13.3bn. local government borrowing was £2.1bn and public non-financial corporations was -£0.2bn. The Bank of England's borrowing was -£1bn. Public financial corporations borrowing was -£0.7bn giving PSNB of £13.4bn

The public sector net cash requirement excluding public sector banks (PSNCR ex) was £8.5bn in November 2014 $4.1bn or 32.5% lower than November 2013.

Government Borrowing Increased By £0.7bn In August

Public sector net borrowing excluding public sector banks (PSNB ex) in August 2014 was £11.6bn, £0.7bn up on August 2013 according to statistical data from the ONS. The current budget deficit was £9.4bn and net investment was £2.2bn. PSND ex was £1,432.2bn, up £96.7bn compared with August 2013. Net borrowing from April to August 2014 increased £2.6bn to £45.4bn compared with the same period in 2013.

Government borrowing can be further broken down sectorally, general government accounted for £12.8bn of which central government accounted for £10.9bn and local government £1.9bn, public non-financial corporations -£0.1bn and the Bank of England -£1.1bn. Public financial corporations accounted for -£0.8bn and PSNB was £10.9bn.

Central government net cash requirement from April to August was £33.4bn up £5.6bn compared with 2013-14.

Governmemt Borrowing Down By £8.1bn

Public Sector Net Borrowing (PSNB) for the financial year 2013-14, excluding the temporary effects of financial interventions, the transfer of the Royal Mail pension plan, transfers from the Bank of England Asset Purchase Facility, was estimated to have been £107.0bn. The figure for the same period in 2012-13 was £115.1bn a difference of £8.1bn. PSNB ex was £94.9bn.

Public Sector Net Borrowing (PSNB) for May, excluding the temporary effects of financial interventions, the transfer of the Royal Mail pension plan, transfers from the Bank of England Asset Purchase Facility, was estimated to have been £13.3bn. In May 2013 borrowing was £12.6bn, a difference of £0.7bn. PSNB ex was £13.3bn. The PS current budget for May was -£11.8bn and PS net investment was £1.5bn.

The sectoral breakdown of PSNB shows that general government borrowing was £13.4bn of which central government accounted for £12.5bn, local government £0.9bn and non-financial public corporations -£0.1bn.

Central government net cash requirement for 2013-14 was £75.4bn, £29.6bn lower than in 2012-13 when it was £105bn. PSND for May was £1284.5bn or 76.1% of GDP.

Public Sector Finances In July

Public Sector Net Borrowing (PSNB) in July was £0.1bn, £0.9bn more than in July last year (excluding temporary effects of financial intervention). Net debt was £1,193.4bn or 74.5% of GDP. The central government net cash requirement increased by £3.9bn to £19bn, £4.9bn less than the same time last year. The current budget was £1.8bn.

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 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.

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.

Borrowing Continues To Increase

Net borrowing, excluding the temporary effects of financial interventions, was £15.9bn in August 2011, an increase of £1.9bn on last year according to data from the ONS. Public sector net investment (PSNI) was £2.1bn and public sector current budget (PSCB) deficit was £13.8bn.

The current budget deficit, excluding the temporary effects of financial interventions, was £13.8bn in August 2011, an increase of £2.2bn on 2010. Over the last three months the budget deficit has decreased from £44.5bn to £43.5bn.

Net debt (PSND), excluding the temporary effects of financial interventions, was £944.5bn, equivalent to 61.4% of GDP from £810.5bn or 55.3% GDP.

The public sector net borrowing figure of £15.9bn can also be arrived at by a calculation using data relating to central and local government borrowing. Central goverment borrowing was £14.7bn, local government borrowing was £1.5bn and public corporations borrowing was a negative figure of £0.3bn. Central government net cash requirement increased by £4.9bn from £5.8bn to £10.7bn.

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.

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.

Current Deficit Down By £1.6bn

The latest public sector finance statistics from the ONS show that the current budget deficit in May 2010 was £14.1bn, £1.6bn down on £15.7bn in 2009. Reconciled with net investment of £1.9bn net borrowing (PSNB) was £16bn, £1.4bn down on £17.4bn in 2009. PSNB excluding financial interventions was £28.7bn in Q4 2009. Public sector net debt (PSND) was £903bn which is equivalent to 62.2% of GDP. PSND excluding financial interventions at the end of March was £771.5bn from the £616.9bn a year earlier. Public sector net cash requirement £12bn, £7.2bn down on £19.1bn.

A sectoral breakdown of the figures shows that central government accounted for £20.2bn and local government -£3.4bn giving a general government figure of £16.8bn. Public corporations accounted for -£0.8 giving the PSNB figure of £16bn.

Higher Borrowing Lower Budget Surplus

In January 2010, public sector net borrowing (PSNB) was £4.3bn which is £9.6bn higher than in 2009 when there was net lending of £5.3bn. The current budget surplus was £1.2bn, but it is a lower surplus than January 2009 when it was £10.2bn. Public sector net investment was £5.5bn. Central government borrowing was £2.96bn and local government was £1.96bn, public corporations reported a negative borrowing figure of £591bn giving the £4.3bn PSNB figure. The public sector net cash requirement was -£11.770bn compared to the -£24.853bn net cash requirement of January 2009. Public sector net debt was £848.5bn, equivalent to 59.9% of GDP compared to 50% GDP last year and 61.4% last month.

The financial interventions made by the government affected public sector net debt and public sector net borrowing because public sector banks, the special liquidity scheme and the asset purchase facility transactions with the financial sector were excluded from the PSNB statistics. There were a number of public sector bank transactions with the government, equity and capital injections and depositor compensations included in PSNB.

The central government account shows total current receipts were £50.5bn, total current expenditure was £49.5bn and depreciation was -£0.6bn giving a current budget £0.4bn. Taxes on income and wealth made the largest contribution to central government receipts with £19.45bn followed by taxes on production with £13.6bn and compulsory social contributions with £8bn. The largest contributors to central government current expenditure were net social benefits with £13.99bn and 'others' with £31.23bn according to the ONS statistical bulletin on public sector finances.

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.

Government Spending Up But Not As Much As Predicted

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%.

Govrnment Can Still Hit Fiscal Targets

Provisional estimates of public finances released last week by the ONS show that in August the public sector current budget had a deficit of £12.8bn and net borrowing of £16.1bn. At the end of August the public sector net debt was £804.8bn or 57.5% of GDP, compared to 52.7% in 2008-9. The public sector net cash requirement was £10.4bn. The public sector current budget in August 2008 was 7.7bn and net borrowing was 9.9bn.

In the financial year so far in 2009-10, there was a public sector current budget deficit of £52.9bn and public sector net borrowing of £65.3bn. The public sector net cash requirement was £57.1bn.

The public sector net debt, excluding the financial sector intervention, according to the latest figures which are up to June 2009 show public sector net debt was £658.2bn or 46.9% of GDP compared with 43.2% in 2008-9.

Total central government receipts in August 2009 were 34.1bn, down from 37.5bn in 2008 and total expenditure was 45.6bn, down from 44.2bn at the same time last year. The Institute of Fiscal Studies commented that receipts were 9.2% lower in August this year and spending 3% higher. The 2009 Budget suggested 7.6% and 7.4% respectively. Public sector net investment was £3.3bn compared to £2.1bn last August. Between April and August public sector net investment amounts to £12.4bn, 37% higher than the same period last year. The 2009 Budget predicted investment of £43.8bn, 16% above last year.

The Institute of Fiscal Studies also commented that Government borrowing was 2.5 times as large as last year rather than twice as large as predicted so borrowing will have to slow to hit their target which is still possible with the new increases in revenue that are due this month and in the New Year.

Debt Highest Proportion Of GDP Yet

The public sector current deficit was £9.9bn in June 2009 according to the Public Sector Finances bulletin from the Office for National Statistics and HM Treasury. Public sector net borrowing was £13bn. The net cash requirement was £19bn and the net debt £798.8bn or 56.6% GDP. The public sector net debt for June was £657.5bn. In the year 2009/10 April to June there was a current budget deficit of £34.1bn and net borrowing of £41.2bn. The public sector net cash requirement was £42.8bn. The Budget 2009 predicted public sector current budget of £132bn, public sector net borrowing of £175bn and public sector debt excluding financial sector interventions of 55.4% GDP at end March 2010. Financial sector interventions have had some effect on financial data. It has reduced the Central Government Net Cash Requirement (CGNCR) by about £2.5bn, mainly due to the disposal of company securities, but was neutral for the public sector as a whole.

The Institute for Fiscal Studies said the public finance figures may give some encouragement to the Government as tax receipts fell by only 5.7% in June relative to June last year. It is a smaller rate of decline than the 7.4% predicted for the whole of 2009/10. The figures may at first suggest slower spending growth but in fact without the financial sector intervention it can be seen that spending continues to grow. Fears about the use of public sector investment not being able to stimulate the economy quickly enough have not so far been borne out as investment has been £2.6bn higher than the same period last year.