The latest public sector finances data, released today by the Office for National Statistics, make gloomy reading for George Osborne. Net borrowing in March 2013 was £15.1 billion, meaning he managed to reduce the deficit by a mere £0.3bn.
The latest public sector finances data, released today by the Office for National Statistics, make gloomy reading for George Osborne. He managed to reduce the deficit on last year’s figures by a mere £0.3bn. The figures make it more likely that the government will fail to achieve its target of wiping out the structural budget deficit by 2015.
Key figures include:
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Public sector current budget deficit was £10.6 billion in March 2013; this is a £0.9 billion higher deficit than in March 2012, when there was a deficit of £9.7 billion.
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Public sector net borrowing (PSNB ex) was £15.1 billion in March 2013; this is £1.6 billion lower net borrowing than in March 2012, when net borrowing was £16.7 billion.
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For 2012/13, public sector net borrowing (PSNB ex) was £86.2 billion; this is £34.7 billion lower net borrowing than in 2011/12, when net borrowing was £120.9 billion.
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For 2012/13, central government net cash requirement was £109.5 billion; this is £17 billion lower net cash requirement than in 2011/12, when net borrowing was £126.5 billion.
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In 2012/13, public sector net borrowing and public sector current budget deficit are reduced by £6.4 billion as a result of cash transfers from the Bank of England Asset Purchase Facility Fund to Government.
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In 2012/13, public sector net borrowing and public sector net investment are reduced by £28.0 billion as a result of the transfer of the Royal Mail Pension Plan in April 2012.
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After removing the effects of the transfer of the Royal Mail Pension Plan and the transfers from the Bank of England Asset Purchase Facility the first 2012/13 estimate of public sector net borrowing is similar in level to last year’s borrowing at £120.6 billion, £0.3 billion lower net borrowing than in 2011/12.
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Public sector net debt was £1,185.8 billion at the end of March 2013, equivalent to 75.4% of gross domestic product (GDP).
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March 2013 public sector net borrowing (PSNB ex) was not affected by the cash transfers from the Bank of England Purchase Facility Fund to Government. The £3.8 billion transferred in March does impact on central government net cash requirement and public sector net debt (PSND ex).
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