Public Finance Press Releases

Public finance bulletin: May 2011

Date: 24 May 2011
Authors:

Headline Comparisons

  • Public sector current budget in 2010-11 is now estimated to have been in deficit by £99.5bn compared to the initial estimated outturn published last month of a deficit of £100.9bn and the Office for Budget Responsibility's (OBR's) forecast from the March 2011 Budget of a £104.8bn deficit. These figures exclude the impact of temporary financial sector interventions.
  • Public sector net borrowing in 2010-11 is now estimated to have been £139.4bn compared to the initial estimated outturn published last month of £141.1bn and the OBR's Budget 2011 forecast of £145.9bn, excluding the impact of temporary financial sector interventions.
  • Public sector net debt at the end of 2010-11 is now estimated to have been £905.0bn, or 60.0% of national income, fractionally higher than the initial estimated outturn published last month but still fractionally lower than the OBR's forecast from Budget 2011. These figures exclude the impact of temporary financial sector interventions.
  • Central government current receipts in April were 0.8% lower than in the same month last year. However, April 2010 figures were flattered by receipts from the temporary Bank Payroll Tax, which today's release suggests boosted revenues by £3.5bn. Excluding these receipts from the April 2010 figures suggests that underlying receipts grew by 8.0% in April 2011 compared to the same month a year ago. The OBR's forecast at the time of the March 2011 Budget implied that central government current receipts for the whole of 2011-12 would be 7.1% above 2010-11 levels.

  • Central government current spending in April was 5.0% higher than in the same month last year. The OBR's forecast at the time of the March 2011 Budget implied that central government current spending for the whole of 2011-12 would be 3.8% above 2010-11 levels.

  • Public sector net investment in April was £1.6bn compared to £1.7bn in the same month last year. The OBR's forecast at the time of the March 2011 Budget predicted that net investment in 2011-12 would be £31.8bn, which is 20.3% below last year's level.