Facts and figures about UK taxes, benefits and public spending.
Income distribution, poverty and inequality.
Slides, video clips and interactive tools.
Analysing government fiscal forecasts and tax and spending.
Analysis of the fiscal choices an independent Scotland would face.
Case studies that give a flavour of the areas where IFS research has an impact on society.
Reforming the tax system for the 21st century.
A peer-reviewed quarterly journal publishing articles by academics and practitioners.
Today the Office for National Statistics and HM Treasury published Public Sector Finances October 2012. We now have details of central government receipts, central government spending, public sector net investment, borrowing and debt for the first seven months of financial year 2012–13.
Rowena Crawford, a Senior Research Economist at the IFS, said:“Today’s figures will likely result in an unpleasant feeling of déjà vu for the Chancellor as he prepares for next month’s Autumn Statement. As was the case last year, a worse-than-expected decline in corporation tax receipts in October has contributed to an overall picture of lower-than-expected growth in revenues so far this year. Spending on the administration and delivery of public services has also again grown more slowly so far than forecast for the year as a whole.”
“Last year the level of underspending was sufficient to offset the lower than forecast growth in revenues at this point in the year, leaving borrowing looking broadly on course to meet the previous forecast. However, this year the potential spending undershoot looks to be able to offset only partially the weaker–than−expected receipts. If the trends in central government receipts and non-investment spending were to continue for the remainder of 2012−13, borrowing would come in £13 billion higher than forecast by the Office for Budget Responsibility in March.”
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.
View all Public Finance Press Releases in the series
Recent Public Finance Press Releases
Public finance bulletin: April 2014
IFS analysis of April's public finance figures.
Public finance bulletin: March 2014
IFS analysis of March's public finance figures.
Public finance bulletin: February 2014
IFS analysis of February's public finance figures.