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Home Publications Public finance bulletin June 2004

Public finance bulletin June 2004

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

Headline comparisons

  • Central government current receipts in May were 5.5% higher than in the same month last year. Receipts in April and May 2004 were 3.7% higher than in the same months of 2003. The 2004 Budget implied that central government receipts for the whole of 2004-05 would be 7.4% above 2003-04 levels.

  • Central government current spending in May was 3.1% higher than in the same month last year. Spendning was 5.6% higher than in the same months of 2003. The 2004 Budget implied that central government current spending for the whole of 2004-05 would be 5.3% above 2003-04 levels.

  • Public sector net investment in May was £0.4bn, or 69.7% higher than in the same month last year. Together, public sector net investment during April and May 2004 has been £0.7bn, which is 62.8% lower than in the same two months of 2003. The Budget predicted that net investment in 2004-05 would be 22.4bn, which is 56.6% above last year's level.