Public Finance Press Releases

Public finance bulletin: July 2011

Date: 21 July 2011
Authors:

Headline Comparisons

  • Central government current receipts in June were 5.6% higher than in the same month last year. Receipts over the three months April to June 2011 were 4.6 % higher than in the same months of 2010. However, April 2010 figures were flattered by £3.5bn of receipts from the temporary Bank Payroll Tax. Once these have been taken into account today's figures suggest that receipts between April and June 2011 grew broadly in line with the 7.2% growth that the OBR forecast for the year as a whole at the time of the March 2011 Budget.

  • Central government current spending in June was 4.9% higher than in the same month last year. Spending between April and June was 3.5% higher than in the same months of 2010. 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 3.6% above 2010-11 levels.

  • Public sector net investment in June was £2.2bn, the same as was spent in June 2010. Together, public sector net investment between April and June 2011 has been £5.3bn, which is 9.4% lower than in the same three months of 2010. 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 19.9% below last year's level.