Follow us
Publications Commentary Research People Events News Resources and Videos About IFS
Home Publications Public finance bulletin January 2004

Public finance bulletin January 2004

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

Headline comparisons

  • Central government current receipts in December were 11.6% higher than in the same month last year. Last month's Pre-Budget Report 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. The Pre-Budget Report forecast also implies a 7.0% increase over last year for the period from November 2003 to March 2004; the month's figures show a cumulative increase of 9.0% over last year for the two months since the Pre-Budget Report.

  • Central government current spending in December was 9.8% higher than in the same month last year. Last month's Pre-Budget Report forecast for 2003-04 implies an increase over last year's levels of 8.3% for the year as a whole; the latest figures show an increase over last year's levels of 9.4% for the year to date. The Pre-Budget Report forecast also implies a 6.2% increase over last year for the period from November 2003 to March 2004; the month's figures show a cumulative increase of 8.2% over last year for the two months since the Pre-Budget Report.

  • Public sector net investment in December was 93.1% higher than in the same month last year. Last month's Pre-Budget Report forecast for 2003-04 implies an increase over last year's levels of 69.3% for the year as a whole; the latest figures show an increase over last year's levels of 83.3% for the year to date. The Pre-Budget Report forecast also implies a 65.6% increase over last year for the period from November 2003 to March 2004; the month's figures show a cumulative increase of 103.7% over last year for the two months since the Pre-Budget Report.

  • 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.