Today the Office for National Statistics and HM Treasury published Public Sector Finances March 2006. We now have details of central government receipts, central government spending, public sector net investment, borrowing and debt for the whole of financial year 200506.
Headline Comparisons
- Public sector surplus on the current budget in 200506 was minus 10.8bn (i.e. in deficit) compared to the March 2006 Budget projection of minus 11.5bn (and the March 2005 Budget projection of minus 5.7bn).
- Public sector net borrowing in 200506 was 37.8bn compared to the March 2006 Budget projection of 37.1bn (and the March 2005 Budget projection of 31.9bn).
- Public sector net debt at the end of 200506 was 459.0bn, or 36.6% of national income compared to the March 2006 Budget projection of 36.4% (and the March 2005 Budget projection of 35.5%).
- Central government current receipts in March were 11.5% higher than in the same month last year. Overall, current receipts in 200506 are thought to have been 452.8bn, compared to the March 2006 Budget projection of 453.2bn (and the March 2005 Budget projection of 453.6 bn).
- Central government current spending in March was 4.0% higher than in the same month last year. Overall, current spending in 200506 is now thought to have been 461.8bn compared to the March 2006 Budget projection of 463.1bn (and the March 2005 Budget projection of 460.2bn).
- Public sector net investment in March was 27.6% higher than in the same month last year. Overall, net investment in 200506 is now thought to have been 27.1bn compared to the March 2006 Budget projection of 25.7bn (and the March 2005 Budget projection of 26.2bn).
Authors
Carl Emmerson
Carl, a Deputy Director, is an editor of the IFS Green Budget, is expert on the UK pension system and sits on the Social Security Advisory Committee.
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