Public finance bulletin May 2004

<p><h3>Headline comparisons</h3> </p><p><ul> </p><p><li><em class="bold">Public sector surplus on current budget</em> in 2003-04 is now estimated to be minus £17.2bn (i.e. in deficit), compared to the March 2004 Budget estimate of minus £21.3bn. </p><p> </p><p><li><em class="bold">Public sector net borrowing</em> in 2003-04 is now estimated to be £33.1bn, compared to the £37.5bn estimate in the Budget. </p><p> </p><p><li><em class="bold">Central government current receipts</em> in April were 4.0% higher than in the same month last year. The 2004 Budget implied that central government current receipts for the whole of 2004-05 would be 7.3% above 2003-04 levels. </p><p> </p><p><li><em class="bold">Central government current spending</em> in April was 8.6% higher than in the same month last year. The 2004 Budget implied that central government current spending for the whole of 2004-05 would be 5.4% above 2003-04 levels. </p><p> </p><p><li><em class="bold">Public sector net investment</em> in April was £0.5bn, or 65.9% lower than in the same month last year. The Budget predicted that net investment in 2004-05 would be £22.4bn, which is 41.3% above last year's level. </p><p></ul></p>