|Date:||24 April 2012|
|Authors:||Rowena Crawford and Gemma Tetlow|
Today the Office for National Statistics and HM Treasury published Public Sector Finances March 2012. We now have provisional details of central government receipts, central government spending, public sector net investment, borrowing and debt for the whole of financial year 2011−12.
Rowena Crawford, a research economist at the IFS, said: "Today's figures show that the Government borrowed £126 billion last year, as was forecast by the Office for Budget Responsibility last month; although within this both central government spending and revenues were slightly lower than forecast a month ago. Taking the longer view, borrowing in 2011−12 is estimated to have been only £4 billion higher than forecast a year ago in the March 2011 Budget. This would be considered a small forecasting error even in normal times and this is therefore particularly small given current levels of uncertainty. However within this central government current receipts in 2011−12 are estimated to have come in £16 billion lower than forecast a year ago, offset largely by central government current spending coming in £10 billion lower and public sector net investment £3 billion lower than forecast."