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Today the Office for National Statistics and HM Treasury published Public Sector Finances November 2012. We now have details of central government receipts, central government spending, public sector net investment, borrowing and debt for the first eight months of financial year 2012−13.
Rowena Crawford, a Senior Research Economist at the IFS, said:
“Two weeks ago the Office for Budget Responsibility revised down the official forecasts for tax receipts this year. Today’s figures confirm that receipts from many of the major taxes continue to grow slowly, with receipts from income tax, national insurance and capital gains tax being only 0.5% higher so far this financial year than they were over the same months last year.
The OBR also revised down their forecast for spending by central government departments – in particular, assuming that they will underspend their budgets for day-to-day spending by £4.5 billion this year. However, so far this year central government current spending, excluding that on welfare and debt interest, has grown by 2.5%. The OBR’s forecast for the year as a whole is for growth in this component of spending of just 1.3% which, to be correct, would require spending to be 0.8% lower over the remaining four months of this financial year than it was over the same months last year.”
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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