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Today the Office for National Statistics and HM Treasury published Public Sector Finances September 2012. We now have details of central government receipts, central government spending, public sector net investment, borrowing and debt for the first half of financial year 2012-13.
Rowena Crawford, a Senior Research Economist at the IFS, said:
"Figures published today by the Office for National Statistics contain a significant, £6.7 billion, downward revision to estimated borrowing over the first five months of this financial year. While this improves the outlook for borrowing this year, growth in central government tax receipts is still running well below the forecast for the year as a whole and, while spending on public services by central government departments is also growing less quickly than forecast, it is too early to conclude that these departments will underspend their allocations. If the disappointing trend in central government receipts were to continue, but spending and other revenues turn out as forecast, borrowing would still overshoot the official forecast for this year by £15 billion."
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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