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Home Publications Public finance bulletin July 2004

Public finance bulletin July 2004

Robert Chote, Carl Emmerson and Christine Frayne
Public finance press release

Headline comparisons

  • Central government current receipts in June were 8.2% higher than in the same month last year. Receipts in the first three months of this financial year were 6.5% higher than in the same months of 2003-04. The 2004 Budget implied that central government current receipts for the whole of 2004-05 would be 7.6% above 2003-04 levels.

  • Central government current spending in June was 4.6% higher than in the same month last year. Spending in the first three months of this financial year was 5.8% higher than in the same months of 2003-04. The 2004 Budget implied that central government current spending for the whole of 2004-05 would be 5.2% above 2003-04 levels.

  • Public sector net investment in June was £0.8bn, or 56.6% higher than in the same month last year. Together, public sector net investment during the first three months of this financial year has been £1.9bn, which is 21.1% lower than in the same three months of 2003-04. The Budget predicted that net investment in 2004-05 would be £22.4bn, which is 64.0% above last year's level