Public Finance Press Releases

Public finance bulletin: March 2010

Date: 18 March 2010
Authors:

Headline Comparisons

  • Central government current receipts in February were 3.6% higher than in the same month last year; there has been a fall relative to last year's levels of 6.2% for the year to date, and a 0.3% fall between November 2009 and February 2010 compared to the same four months last year. The Pre-Budget Report forecast for 2009-10 published in December implies a fall relative to last year's levels of 7.3% for the year as a whole and of 4.1% for the period from November 2009 to March 2010. A slightly less severe fall in receipts seen over the year to date than forecast by the PBR for the year as a whole may not be surprising given that the PBR forecast excludes the direct impact of financial interventions (which on the receipts side have been growing in magnitude), whereas the monthly ONS data do not.

  • Central government current spending in February was 14.8% higher than in the same month last year, with an increase relative to last year's levels of 6.7% for the year to date, and a 7.3% increase between November 2009 and February 2010 compared to the same four months last year. The Pre-Budget Report forecast for 2009-10 published in December implies an increase relative to last year's levels of 7.4% for the year as a whole and of 8.8% for the period from November 2009 to March 2010.

  • Public sector net investment in February was £6.3bn, the same as in February last year. Together, public sector net investment over the first eleven months of this financial year has been £37.2bn, which is 27.9% higher than in the same months of 2008-09. The Pre-Budget Report published in December suggested that net investment in 2009-10 would be about 28.3% above last year's level for the year as a whole.