Public finance bulletin: March 2011

<p><p><p><p><p><h4>Headline Comparisons</h4><ul><li><b>Central government current receipts</b> in February were 0.9% lower than in the same month last year. The Office for Budget Responsibility's (OBR) Economic and Fiscal Outlook forecast an increase in receipts relative to last year's levels of 8.9% for the year as a whole and of 8.9% for the period from November 2010 to March 2011. The latest figures show an increase relative to last year's level of 7.7% for the year to date, with a 5.7% increase between November 2010 and February 2011 compared to the same four months last year. </p><p><p> <li><b>Central government current spending</b> in February was 4.6% higher than in the same month last year. The OBR's latest forecast implies an increase relative to last year's level of 5.4% for the year as a whole and of 4.2% for the period from November 2010 to March 2011. The latest figures show an increase relative to last year's level of 5.9% for the year to date, with an increase of 5.1% between November 2010 and February 2011 compared to the same four months last year. </p><p><p><li><b> Public sector net investment</b> in February was £5.2bn, compared to £5.8bn spent in February 2010. Together, public sector net investment over the first eleven months of this financial year has been £32.7bn, which is 20% lower than in the same months of 2009&#8722;10. The OBR's latest forecast was that net investment in 2010-11 would be £42.3bn, which is 7% below last year's level. </p><p></li></ul></p></p></p></p> </p><p></p>