Public finance bulletin: March 2007

<p><p><h4>Headline Comparisons</h4><ul><li><em class="bold">Central government current receipts</em> in February were 8.3% higher than in the same month last year. The December 2006 Pre-Budget Report forecast for 2006-07 implies an increase over last year's levels of 6.8% for the year as a whole and of 7.0% for the period from November 2006 to March 2007. The latest figures show an increase over last year's levels of 6.6% for the year to date and a 6.4% increase in November 2006 to February 2007 over the same four months last year. In order for the PBR projection to be met, central government current receipts in March 2007 would need to be 6.8% higher than in the same month last year.<li><em class="bold">Central government current spending</em> in February was 0.9% higher than in the same month last year. The December 2006 Pre-Budget Report forecast for 2006-07 implies an increase over last year's levels of 4.8% for the year as a whole and of 1.9% for the period from November 2006 to March 2007. The latest figures show an increase over last year's levels of 5.6% for the year to date and a 3.1% increase in November 2006 to February 2007 over the same four months last year. In order for the PBR projection to be met, central government current spending in March 2007 would need to be 3.1% lower than in the same month last year.<li><em class="bold">Public sector net investment</em> in February was £0.3bn lower (9.4%) than in the same month last year. The December 2006 Pre-Budget Report forecast for 2006-07 implies an increase of 27.1% for the year as a whole and an increase of 31.8% for the period from November 2006 to March 2007. The latest figures show an increase over last year's levels of 7.1% for the year to date and a 3.5% decrease in November 2006 to February 2007 over the same four months last year. In order for the PBR projection to be met, public sector net investment in March 2007 would need to be more than double its level in the same month last year.</ul></p></p>