Public sector borrowing higher this year than last

The latest public sector finances data, released today by the Office for National Statistics, show that public sector borrowing in 2012/13 was £118.8 billion when you exclude Quantitative Easing and Royal Mail pensions. Higher than in 2011/12, when it was £118.5 billion.

The latest public sector finances data, released today by the Office for National Statistics, show that public sector borrowing in 2012/13 was £118.8 billion when you exclude Quantitative Easing and Royal Mail pensions – higher than in 2011/12, when it was £118.5 billion.

Key figures include:

  • In 2012/13, public sector net borrowing excluding temporary effects of financial interventions and also excluding the effects of the transfer of the Royal Mail Pension Plan and the transfers from the Bank of England Asset Purchase Facility Fund was £118.8 billion. This is similar in level to 2011/12.

  • In 2012/13, public sector net borrowing excluding temporary effects of financial interventions (PSNBex) was £85.0 billion. This is £33.5 billion lower than in 2011/12 when it was £118.5 billion.

  • Since last month’s publication, 2012/13 public sector net borrowing has been revised down by £0.1 billion and 2011/12 public sector net borrowing down by £2.4 billion due to methodological and data improvements implemented this month.

  • In May 2013, public sector net borrowing excluding temporary effects of financial interventions and also excluding the effects of the transfers from the Bank of England Asset Purchase Facility Fund was £12.7 billion. This compares to a public sector net borrowing in May 2012 of £15.6 billion.

  • In May 2013, public sector net borrowing excluding temporary effects of financial interventions (PSNBex) was £8.8 billion. This is £6.9 billion lower than in May 2012 when it was £15.6 billion.

  • In May 2013, public sector net borrowing excluding temporary effects of financial interventions (PSNB ex) has been reduced by £3.9 billion from transfers from the Bank of England Asset Purchase Facility Fund and by £3.2 billion from retrospective tax payments by Swiss banks.

  • Public sector net debt ex temporary effects of financial interventions (PSND ex) was £1,189.2 billion at the end of May 2013, equivalent to 75.2% of gross domestic product (GDP).

 

One Response to “Public sector borrowing higher this year than last”

  1. LB

    Dire.

    120 billion overspend on taxation of 600 bn.

    That ignores the increase in the pensions debts because they are hidden off the books. 734 bn a year on top.

    ie. No amount of growth will generate the extra taxes to pay any debt off.

    The simple result is that the state won’t pay the pensions with the dire consequences that follow.

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