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Type: Public Finance Press Releases
Today the Office for National Statistics and HM Treasury published Public Sector Finances December 2012. We now have details of central government receipts, central government spending, public sector net investment, borrowing and debt for the first nine months of financial year 2012−13.
Rowena Crawford, a Senior Research Economist at the IFS, said:
“While today’s figures suggest tax receipts came in relatively strongly in December, the growth in receipts over the year to date has still been disappointing relative to the Office for Budget Responsibility’s forecast for the year as a whole. This reflects, in particular, weak growth in receipts of income tax, capital gains tax and national insurance contributions so far this year. In addition, central government current spending has also grown slightly more quickly so far than was forecast for the whole year, largely due to spending on the administration and delivery of public services. If these trends were to continue for the remaining three months of the financial year then borrowing this year could slightly overshoot the OBR’s forecast, by around £3 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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