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Home Publications Public finance bulletin April 2004

Public finance bulletin April 2004

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

Headline comparisons

  • Public sector surplus on current budget in 2003-04 was minus £18.9bn (i.e. in deficit) compared to the March 2004 Budget estimated outturn of minus £21.3bn.

  • Public sector net borrowing in 2003-04 was £34.8bn compared to the March 2004 Budget estimated outturn of £37.5bn.

  • Central government current receipts in March were 7.7% higher than in the same month last year. To achieve the forecast for 2003-04 in last month's Budget, an increase of 7.5% over the March 2003 outturn was required. Overall, current receipts in 2003-04 were predicted in the Budget to be £392.6bn, corresponding to a 5.9% increase over receipts in 2002-03. The actual outturn for 2003-04 was £392.7bn, corresponding to a 5.9% increase over last year's levels.

  • Central government current spending in March was 3.2% higher than in the same month last year. To achieve the forecast for 2003-04 in last month's Budget, an increase of 6.8% over the March 2003 outturn was required. Overall, current spending in 2003-04 were predicted in the Budget to be £411.3bn, corresponding to an 8.2% increase over current spending in 2002-03. The actual outturn for 2003-04 was £410.1bn, corresponding to a 7.9% increase over last year's levels.

  • Public sector net investment in March was 32.6% higher than in the same month last year. To achieve the forecast for 2003-04 in last month's Budget, an increase of 43.5% over the March 2003 outturn was required. Overall, investment spending in 2003-04 was predicted in the Budget to be £16.2bn, corresponding to a 65.9% increase over investment spending in 2002-03. The actual outturn for 2003-04 was £15.9bn, corresponding to a 62.4% increase over last year's levels. comparisons