Headline Comparisons

• Central government current receipts in May were 8.2% higher than in the same month last year. Receipts in April and May were 3.0% higher than in the same months of 2010. However, April 2010 figures were flattered by £3.5bn of receipts from the temporary Bank Payroll Tax. Excluding these receipts from the April 2010 figures suggests that underlying receipts grew by 7.8% in April and May 2011 compared to the same two months a year ago. The OBR's forecast at the time of the March 2011 Budget implied that central government current receipts for the whole of 2011-12 would be 7.3% above 2010-11 levels.

• Central government current spending in May was 2.3% higher than in the same month last year. Spending in April and May was 4.1% higher than in the same months of 2010. The OBR's forecast at the time of the March 2011 Budget implied that central government current spending for the whole of 2011-12 would be 3.6% above 2010-11 levels.

• Public sector net investment in May was £2.1bn compared to £2.0bn in the same month last year. Together, public sector net investment during April and May 2010 has been £3.4bn, which is 5% lower than in the same two months of 2010. The OBR's forecast at the time of the March 2011 Budget predicted that net investment in 2011-12 would be £31.8bn, which is 19.9% below last year's level.

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