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Today the Office for National Statistics and HM Treasury published Public Sector Finances August 2012. We now have details of central government receipts, central government spending, public sector net investment, borrowing and debt for the first five months of financial year 2012-13.
Rowena Crawford, a Senior Research Economist at the IFS, said:
"Today's figures persist in painting a gloomy picture with weaker-than-expected growth in receipts from taxes on income, spending and profits. In contrast spending by central government is growing broadly in line with the forecast for the year as a whole.
If the disappointing trend in central government receipts continues they would undershoot the official forecast for this year by £18 billion. If spending and other receipts turn out in line with the March forecast, this would bring public sector net borrowing in 2012-13, after excluding the one-off impact of specific transactions, up to £140 billion; this is more than was borrowed last year and around the same amount as was borrowed in 2010-11."
IFS public finance bulletins are generously supported by the Economic and Social Research Council. The analysis is based on IFS calculations and does not reflect the views of the ESRC.
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