Public finance bulletin March 2004

<p><h3>Headline comparisons</h3> </p><p><ul> </p><p> </p><p><li><em class="bold">Central government current receipts</em> in February were 10.6% higher than in the same month last year. To achieve the forecast for 2003-04 in last week's Budget, which was made just before the February 2004 public finance figures were published, would require an 8.2% increase over last year during February and March 2004. The Budget forecast for 2003-04 implies an increase over last year's levels of 5.9% for the year as a whole; the latest figures show an increase over last year's levels of 5.9% for the year to date. </p><p> </p><p><li><em class="bold">Central government current spending</em> in February was 9.1% higher than in the same month last year. To achieve the forecast for 2003-04 in last week's Budget would require a 7.8% increase over last year during February and March 2004. The Budget forecast for 2003-04 implies an increase over last year's levels of 8.2% for the year as a whole; the latest figures show an increase over last year's levels of 8.4% for the year to date. </p><p> </p><p><li><em class="bold">Public sector net investment</em> in February was 56.4% higher than in the same month last year. To achieve the forecast for 2003-04 in last week's Budget would require a 37.0% increase over last year during February and March 2004. The Budget forecast for 2003-04 implies an increase over last year's levels of 65.9% for the year as a whole; the latest figures show an increase over last year's levels of 83.2% for the year to date. </p><p></ul></p>