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Home Publications Public finance bulletin May 2004

Public finance bulletin May 2004

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

Headline comparisons

  • Public sector surplus on current budget 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.

  • Public sector net borrowing in 2003-04 is now estimated to be £33.1bn, compared to the £37.5bn estimate in the Budget.

  • Central government current receipts 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.

  • Central government current spending 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.

  • Public sector net investment 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.