The latest public sector finances data, released today by the Office for National Statistics, show that public sector borrowing in 2012/13 was £118.8 billion when you exclude Quantitative Easing and Royal Mail pensions. Higher than in 2011/12, when it was £118.5 billion.
According to the latest ONS borrowing figures, the deficit for April was £6.3bn, around £2bn lower than expected. Public sector net borrowing for the previous year (2012/13) was revised down from £120.6bn to £119.5bn (compared to a deficit of £120.9bn in 2011/12).
As Ed Conway has noticed, if you exclude the effects of either Northern Rock asset reclassification or the profits of the SLS from today’s public sector borrowing figures, the deficit was actually higher this year than last.
Economic data is coming thick and fast. Sandwiched between last week’s poor unemployment data and Thursday’s forthcoming results for GDP in the first quarter of the year, public finance figures were published today. They show that George Osborne has dodged a bullet.
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.
