Public Finance Press Releases

Public finance bulletin: November 2013

Date: 21 November 2013
Authors:

Today the Office for National Statistics and HM Treasury published Public Sector Finances October 2013. We now have details of central government receipts, central government spending, public sector net investment, borrowing and debt for the seven months of financial year 2013–14.

Headline Comparisons

  • Central government current receipts in October were 3.2% higher than in the same month last year. Receipts over the seven months April to October were 4.6% higher than in the same months of 2012, excluding the impact of transfers related to the Asset Purchase Facility. The Office for Budget Responsibility’s (OBR’s) forecast at the time of the March 2013 Budget implied that central government current receipts for the whole of 2013–14 would be 2.8% above 2012–13 levels

  • Central government current spending in October was 1.2% higher than in the same month last year. Spending over the first seven months of 2013–14 was 2.2% higher than over the same period in 2012–13. The OBR’s forecast at the time of the March 2013 Budget implied that central government current spending for the whole of 2013–14 would be 2.0% above 2012–13 levels.

  • Public sector net investment in October was £2.3 billion, £0.5 billion more than was spent in October last year. Together, public sector net investment during the first seven months of 2013–14 has been £10.5 billion. This is 2.4% more than was spent during the first seven months of 2012–13, excluding the impact of the transfer of assets from the Royal Mail Pension Plan to the public sector. The OBR’s forecast at the time of the March 2013 Budget predicted that net investment over the whole of 2013–14 would be £24.2 billion, which is 8.9% above last year’s level excluding the impact of Royal Mail.