Statistical Bulletin
Public Sector Finances, January
2013
Coverage: UK
Date: 21 February 2013
Geographical Area: UK
Theme: Economy
Latest figures
•
Public sector net borrowing was -£11.4 billion (a repayment) in January 2013; this is a £5.0 billion
higher net repayment than in January 2012, when net borrowing was -£6.4 billion (a repayment).
•
Public sector current budget surplus was £14.9 billion in January 2013; this is a £5.1 billion
higher surplus than in January 2012, when there was a surplus of £9.8 billion.
•
For the period April 2012 to January 2013, public sector net borrowing (excluding the capital
payment recorded as part of the Royal Mail Pension Plan transfer in April 2012) was £93.8
billion; this is £1.5 billion higher net borrowing than in the same period the previous year, when
net borrowing was £92.3 billion.
•
January 2013 public sector net borrowing and public sector current budget figures include the
first cash transfer from the Bank of England Asset Purchase Facility Fund to Government of £3.8
billion, which took place on 7 January 2013.
•
Public sector net debt was £1,162.8 billion at the end of January 2013, equivalent to 73.8% of
gross domestic product (GDP).
•
In 2011/12, public sector net borrowing was £121.0 billion; this is £5.0 billion lower than the Office
for Budget Responsibility (OBR) forecasted net borrowing for 2011/12 of £126.0 billion.
•
Figures in this bulletin include for the first time the impact on the public sector finances of the
reclassification of Northern Rock Asset Management (NRAM) and Bradford & Bingley to central
government.
Background
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The statistical bulletin on public sector finances is published jointly by Office for National Statistics
(ONS) and HM Treasury on a monthly basis and provides the latest available estimates for key
public sector finance statistics, such as public sector net borrowing, public sector net debt and public
sector current budget deficit/surplus.
The bulletin is structured with the latest headline figures, revisions and information on recent events
and/or methodological changes which impact on the statistics, located at the front of the bulletin.
Following this there is some contextual information for users and then more detailed information on
each of the key aggregates. Historic data on public sector net debt and public sector net borrowing
have been included to put the latest figures in context. More detailed notes on the publication are
located towards the back of the bulletin.
Key measures
Figure 1: Cumulative public sector net borrowing by month
Excluding the temporary effects of financial interventions
Source: Office for National Statistics
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Table 1 ‘Key Measures of the Public Sector Finances’ presents the latest headline figures for the
Public Sector Finances. The table compares the figures for the latest month with the same month a
year ago and cumulative figures for the financial year to date compared with the same period in the
last financial year. A time series presentation of these same fiscal measures can be found in table
PSF1 of this bulletin.
Table 1: Key Measures of the Public Sector (PS) Finances by month and financial year-to-date
Excluding the temporary effects of financial interventions
United Kingdom, £ billion1 (not seasonally adjusted)
January
2013
April – January
2012 Difference
2012/13
2011/12 Difference
PS Current Budget
2
14.9
9.8
5.1
-76.0
-74.3
-1.7
PS Net Investment
3
3.5
3.4
0.1
-10.2
18.0
-28.2
-11.4
-6.4
-5.0
65.8
92.3
-26.5
1,162.8
1,071.2
91.6
1,162.8
1,071.2
91.6
73.8
69.9
3.9
73.8
69.9
3.9
PS Net Borrowing
(PSNB ex)
4
PS Net Debt (PSND ex)
5
PS Net Debt as a % of
annual GDP
Table source: Office for National Statistics
Table notes:
1. Unless otherwise stated
2. Current Budget is the difference between current receipts and current expenditure
3. Net Investment is investment less depreciation
4. Net Borrowing is Current Budget less Net Investment
5. Net Debt is financial liabilities less liquid assets
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In this month’s bulletin:
•
•
Northern Rock Asset Management (NRAM) and Bradford & Bingley (B&B) have been included
within central government for the first time (following a classification decision on this in
September 2012);
the first cash payment from the Bank of England Asset Purchase Facility Fund Facility (BEAPFF)
to the Government has taken place and been included in the figures;
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•
•
the cash payment from the Special Liquidity Scheme (SLS) to Government in April 2012 has
been reclassified as a current rather than capital receipt;
the first estimates of January income tax receipts, including self assessment, have been
recorded.
As can be seen in Table 1, public sector net borrowing (PSNB ex) for April 2012 to January 2013
is £65.8 billion which is £26.5 billion lower than for the same period the previous year. However, in
April 2012 the Royal Mail Pension Plan was transferred to Government which led to a reduction in
PSNB ex of £28 billion. If this one-off effect is removed then PSNB ex for April 2012 to January 2013
is actually £1.5 billion higher than in the same period in the previous year.
There are other events included in the PSF measures where there is user demand to see the figures
with these events removed. These include the £2.3 billion transfer to Government of the final profits
of the SLS and the £3.8 billion receipt of cash from the BEAPFF. If these two additional effects are
removed then PSNB ex for April 2012 to January 2013 is £7.5 billion higher than in the same period
in the previous year.
Details of all the events and methodological changes referred to in this summary can be found in the
relevant later sections of this bulletin.
Outturn vs forecast
The Office for Budget Responsibility (OBR) forecast, published in March 2012, for public sector
net borrowing in 2011/12 was £126.0 billion. The latest estimate for public sector net borrowing in
2011/12, as published in this bulletin, is £121.0 billion.
The statistical measures in this bulletin are all defined according to concepts set out in European
and International statistical accounting frameworks. The Treasury uses the same measures to set
budgets and produce fiscal policy, and the Office for Budget Responsibility (OBR) uses them to
forecast and evaluate the public finances. This standardisation in data definitions enables much of
the outturn data in this bulletin to be compared directly to corresponding figures in OBR forecasts.
However, care must be taken when making these comparisons. This section sets out some of the
factors that require taking into account when making comparisons.
In December 2012, the OBR revised their forecast for public sector net borrowing (PSNB ex)
in 2012/13 down from £91.9 billion to £80.5 billion. OBR also revised their forecast for public
sector net debt (PSND ex) at the end of 2012/13 up from £1,159 billion to £1,186 billion. The
reduction in the OBR forecast for 2012/13 net borrowing and the increase to the OBR forecast
for 2012/13 net debt largely reflect OBR's estimates for the transfer of surplus cash from the
Bank of England Asset Purchase Facility Fund (BEAPFF), the proceeds from the 4G spectrum
auction and the reclassification of Northern Rock Asset Management (NRAM) and Bradford &
Bingley (B&B) to the central government sector. This bulletin for the first time includes NRAM
and B&B within central government and records the first transfer of cash from the BEAPFF to
Government. This has reduced the conceptual differences between the Public Sector Finances, as
published in this bulletin, and the OBR forecasts. However, it should be remembered that there are
a number of events still to happen in 2012/13 which are expected to have a significant impact on
the public sector finance statistics. These include further transfers of cash from the BEAPFF to the
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Public Sector Finances, January 2013 | 21 February 2013
Government and the receipt of proceeds from the 4G spectrum auction. More information on these
can be found in the ‘Recent events and methodological changes’ section of this bulletin.
For those who wish to compare the figures in this bulletin with the 2012/13 OBR forecasts, it is worth
noting that OBR state in their ‘Economic and Fiscal Outlook’ publication, of December 2012, that
they have assumed for their forecast that in 2012/13 the sales of the 4G spectrum will reduce central
government net investment and so the public sector net borrowing (ex measure) by £3.5 billion.
Table 2 'Latest Outturn Estimates and OBR Forecasts' calculates the growth rate between 2012/13
data for April to January and the same period in 2011/12. As a comparison the table also shows the
forecasted full year growth rate based on the OBR forecast for 2012/13 (published in December
2012) and the latest outturn estimates for 2011/12. As an example, the latest year to date current
budget figures are showing a fall of 2.2% compared to the same period last year. The comparable
forecast is for a full year growth in current budget of 3.6% between 2011/12 and 2012/13.
In addition to the differences mentioned earlier between the OBR latest forecasts and the outturn
figures in this bulletin, comparisons between public sector net investment and net borrowing for
the year to date period are affected by the £28 billion transfer received by government from the
assets of the Royal Mail Pension Plan in April 2012. In this case, although the year-to-date outturn
figures include the transfer as does the OBR 2012/13 forecast, the size of the transfer can make
comparisons between year-to-date and full year figures misleading. The size of the transfer also
similarly affects comparisons between years.
Even when taking account of the effects of the Royal Mail pension plan transfer, BEAPFF transfers,
4G spectrum sale and NRAM and B&B reclassification caution must still be exercised when
interpreting the latest in year data with full year forecasts as some data, such as current receipts,
show strong seasonal effects. These seasonal variations within the year mean that you would not
necessarily expect growth (or decline) over a portion of the year to reflect the growth (or decline)
for the full year. Also, allowance should be made for the fact that the outturn estimates for recent
periods are provisional and may be subject to revisions in later months. More information on
revisions and their magnitude can be found in the Revisions and Background Notes sections of this
bulletin.
To assist interpretation of the statistics, each month, on the day of the release of the Public Sector
Finances statistical bulletin, the OBR publishes on its website a commentary on the latest figures
and how these reflect on their forecasts. As has been highlighted, there are many reasons why
the outturn data in this publication may differ from the OBR forecasts and the OBR commentary
provides qualitative information to help users interpret these differences.
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Table 2: Latest Outturn Estimates vs OBR Forecasts for 2012/13
Excluding the temporary effects of financial interventions; OBR = Office for Budget Responsibility
United Kingdom, £ billion1 (not seasonally adjusted)
April – January
Forecast vs Outturn
Year to date
2012/13
PS Current
Budget
2011/12
Growth
2012/13
OBR
Forecast
2011/12
Outturn
Growth
-76.0
-74.3
-2.2%
-89.0
-92.3
3.6%
-10.2
18.0
-156.5%
-8.5
28.7
-129.7%
PSNI
excluding
Royal Mail
pension
transfer
17.8
18.0
-0.9%
19.5
28.7
-32.0%
PS Net
Borrowing
65.8
92.3
-28.7%
80.5
121.0
-33.5%
93.8
92.3
1.6%
108.5
121.0
-10.3%
1,162.8
1,071.2
8.6%
1,186.0
1,103.6
7.5%
73.8
69.9
5.6%
74.7
71.8
4.0%
(PSCB)
2
PS Net
Investment
(PSNI)
3
(PSNB ex)
4
PSNB ex
excluding
Royal Mail
pension
transfer
PS Net Debt
(PSND ex)
5
PS Net Debt
as a % of
annual GDP
Table source: Office for National Statistics
Table notes:
1. Unless otherwise stated
2. Current Budget is the difference between current receipts and current expenditure
3. Net Investment is investment less depreciation
4. Net Borrowing is Current Budget less Net Investment
5. Net Debt is financial liabilities less liquid assets
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Public Sector Finances, January 2013 | 21 February 2013
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Revisions
Table PSF12R presents the revisions to the key public sector finance measures since last month’s
publication. The largest revisions normally occur in the month following first release, when estimated
and provisional data are replaced with firmer information. However, this month there are a large
number of other revisions extending back to January 2010. These revisions mainly relate to the
reclassification of Northern Rock Asset Management (NRAM) and Bradford & Bingley (B&B) from
being public sector financial corporations to being part of central government.
Details of the NRAM and B&B classification change, as well as its implementation, can be found in
the “Recent events and methodological changes” section. This section provides a summary of the
revisions caused by the implementation.
Revisions to net debt are almost entirely due to the reclassification of NRAM and B&B. Public sector
net debt excluding the temporary effects of financial interventions (PSND ex) has been revised
upward by:
•
•
•
•
£58.8 billion at the end of 2009/10,
£91.6 billion at the end of 2010/11,
£77.3 billion at the end of 2011/12,
£71.0 billion at December 2012.
These revisions reflect both the outstanding debt of NRAM and B&B (as defined within the National
Accounts framework) and the consolidation of government assets and liabilities held by NRAM and
B&B.
Public sector net debt including the temporary effects of financial interventions (PSND) has been
revised downward by between £5 billion and £0.5 billion between 2010 and 2012. Conceptually,
PSND should be unrevised (as NRAM and B&B have been reclassified from one part of the public
sector to another) but revisions are recorded following the identification and use of improved data
sources.
Revisions to net borrowing prior to 2012/13 are almost entirely due to the reclassification of NRAM
and B&B. Public sector net borrowing excluding the temporary effects of financial interventions
(PSNB ex) has been revised downward by:
•
•
•
£90 million in 2009/10,
£736 million in 2010/11,
£669 million in 2011/12.
These revisions reflect the net income position of NRAM and B&B once interest payments,
administrative expenses and loan write-offs have been netted off.
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Public sector net borrowing including the temporary effects of financial interventions (PSNB)
has been revised downward by the same amount as PSNB ex. Conceptually, PSNB should be
unrevised (as NRAM and B&B have been reclassified from one part of the public sector to another)
but previously no data had been included for the net borrowing of NRAM and B&B due to lack of
available data.
Revisions to PSNB ex in 2012/13 reflect in part revisions to the NRAM and B&B reclassification
change and in part reflect revised expenditure and revenue data from government departments and
bodies.
Public sector net borrowing for the first nine months of 2012/13 has been revised down by £1,273
million. This revision is primarily related to central government where the net borrowing has been
revised down by £1,632 million. This is partly offset by an upward revision to local government net
borrowing of £362 million.
The central government revisions are composed of an upward revision of £2,132 million to receipts
for 2012/13 and a £500 million upward revision to expenditure (split fairly equally between current
and capital expenditure). These figures exclude the off-setting revision of £2,270 between central
government net investment and central government current receipts. This revision relates to the
reclassification of the Special Liquidiy Scheme payment in April 2012 from being treated as a capital
transfer to being treated as a dividend. More information can be found in the “Recent events and
methodological changes” section.
Recent events and methodological changes
4G Spectrum Auction
The media regulator Ofcom announced on 20 February 2013 that the auction for the use of the
4G spectrum had ended and raised £2.34bn. This will be reflected in the public sector finances
statistical bulletin once the payments have been received.
Bank of England Asset Purchase Facility Fund (BEAPFF)
The Chancellor announced on 9 November 2012 that it had been agreed with the Bank of
England to transfer to the Exchequer the excess cash in the Asset Purchase Facility Fund. The
announcement stated that the excess cash accumulated by the fund up to the end of 2012/13 would
not be transferred in one lump sum but would be transferred in stages over 2012/13 and 2013/14.
Excess cash accumulated by the fund in 2013/14 and beyond would be subject to regular quarterly
transfers.
The first cash transfer from the BEAPFF to Government took place on 7 January 2013 and as such
this month’s statistical bulletin is the first time that the cash transfers have impacted on the public
sector finance measures. The cash transferred on 7 January was £3.8 billion and two further cash
transfers of the same amount are planned for this financial year, one in February and the other in
March.
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The classification of these cash transfers under National Accounts rules and in the Public Sector
Finances fiscal measures is something that has been the subject of consideration by committees
who provide advice on classification issues. The recommendations of these committees has led
to classification decisions which are being reported in parallel to the publication of this statistical
bulletin. A classification announcement notice setting out the classification decision is being
published along with a technical note (55.7 Kb Pdf) explaining the rationale for the decision.
The key impacts of the classification decision on the figures in this bulletin are that:
•
•
•
•
the £3.8 billion cash transfer in January is recorded as receipt of a dividend and so public sector
net borrowing (PSNB ex) is reduced by £3.8 billion,
the recording of the £2.3 billion April 2012 transfer from the final profits of the Special
Liquidity Scheme (SLS) has been changed from a capital transfer to a dividend payment, with
consequently no impact on public sector net borrowing (PSNB ex),
both the £3.8 billion BEAPFF transfer and £2.3 billion SLS transfer increase government cash
reserves, which as liquid assets reduce public sector net debt (PSND ex),
the wider measures of public sector net debt (PSND) and net borrowing (PSNB) are not directly
impacted by the cash movements as the flows cancel out (that is consolidate out).
More detail on the change to the recording of the SLS payment can be found below.
Although, the £3.8 billion of cash transferred from the BEAPFF in January is being treated as a
dividend not all the future payments will be treated in the same way. National Accounts guidance
essentially puts a limit on how much cash can be transferred from a Central Bank to Government in
any given period and still affect the Government deficit (or net borrowing). For 2012/13, this ceiling
has been calculated to be £9.1 billion. This means that the £2.3 billion SLS transfer and the £3.8
billion BEAPFF transfer both can be treated as dividends and so affect government net borrowing,
but this leaves only £3.0 billion of cash transfers that can be considered as dividends within 2012/13.
Any cash transfers above this limit will be treated as government withdrawing equity in the Bank
of England and as such will not impact on public sector net borrowing (PSNB ex), although the full
cash amount will still affect public sector net debt (PSND ex).
For more details on the classification decision, its impacts and background see the published
technical note.
Special Liquidity Scheme
The Bank of England Special Liquidity Scheme (SLS) officially closed at the end of January 2012.
On closure the accumulated net profits of the scheme were transferred to the Treasury in April
2012. The net profits amounted to £2.3 billion. As part of the winding up of the scheme the SLS has
reclaimed the corporation tax paid on its operations. This amounted to £0.7 billion and was repaid to
the Bank by HMRC in March depressing recorded tax receipts in that month.
In previous versions of this statistical bulletin the £2.3 billion payment from the SLS was recorded as
a capital transfer to the Government from the Bank of England. Following the classification review
of the cash movements from the Bank of England Asset Purchase Facility Fund to Government
(see above) it was decided that all cash movements from the Bank of England to Government, such
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Public Sector Finances, January 2013 | 21 February 2013
as the transfer of SLS profits, should be subject to the so called “super-dividend” test. This test
identifies how much of the cash transfers can be recorded as dividends and so reduce government
net borrowing.
The impact of this classification decision is that:
•
•
the recording of the £2.3 billion April 2012 transfer from the final profits of the Special Liquidity
Scheme (SLS) has been changed from a capital transfer to a dividend payment,
there is no resulting revision to public sector net borrowing (PSNB ex) as the impact of the SLS
classification decision is to move the transaction from the capital account to the current account,
leaving net borrowing unaffected.
Northern Rock Asset Management (NRAM) and Bradford & Bingley (B&B)
This is the first month for which the classification decision bringing Northern Rock Asset
Management (NRAM) and Bradford & Bingley (B&B) into central government has been
implemented.
The headline impacts of the reclassification are to:
•
•
increase central government net debt, and so PSND ex, by £71 billion at the end of 2012,
reduce central government net borrowing, and so PSNB ex, by £670 million in 2011/12 and £740
million in 2010/11.
Further details of the classification impacts can be found in the “Revisions” section of this bulletin.
As reported in an ONS news release on 28 September 2012, ONS has reclassified NRAM and B&B
plc as central government bodies, with effect from January 2010 and July 2010 respectively. These
financial corporations came into public ownership in 2008/9 and prior to their classification in central
government were classified as public financial corporations.
B&B and NRAM prior to their classification in central government were considered as temporary
effects of financial interventions in the public sector finances and so their balance sheets impact
on PSND but not on PSND ex. ONS considered whether the reclassification of B&B and NRAM as
central government bodies moved them from being temporary effects on the public sector finances
to permanent ones and concluded that it did. In the ONS article (166.8 Kb Pdf) on the conceptual
boundaries of PSNB ex and PSND ex four key principles are set out by which ex-measures are to
be judged. The second of these principles states at its outset: "Permanent effects from financial
interventions are those that will ultimately have an effect on central government's net debt or net
borrowing". As B&B and NRAM have been reclassified to central government they now impact on
central government's net debt and net borrowing and are therefore permanent effects to be recorded
as such in PSNB ex and PSND ex.
The implementation of the reclassification of NRAM and B&B has been done on a provisional basis
using data sourced from UK Asset Resolution Ltd, the body who manage both NRAM and B&B. The
process of implementing the reclassification has led to improved data sources being obtained and
the identification of some deficiencies in the data sources previously used when recording NRAM
and B&B in the public sector banking sector.
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Public Sector Finances, January 2013 | 21 February 2013
The debt and cash data, previously used to include NRAM and B&B within the public sector banking
groups totals, have been removed using data sources equivalent to those used in the original
compilation.
The debt and net borrowing impacts of the inclusion of NRAM and B&B within central government
have been calculated using improved data sources. As the data removed from the public sector
banking group sector is not exactly the same as that incorporated within the central government
sector some revisions to PSND and PSNB are observed.
There has been no change to the net borrowing of the public sector banking groups as data for
NRAM and B&B net borrowing had been missing in the figures since data collection arrangements
for the two institutions changed in 2010. The trigger for the change in data collection requirements
was the loss of banking licenses by the organisations.
Revisions to the central government net cash requirement due to the inclusion of NRAM and B&B
in the sector have not yet taken place due to some concerns over data quality. Cash data is being
sourced and will be included in the central government figures as soon as it is available.
On 11 December 2012, the Economic Secretary to the Treasury announced that Northern Rock
Asset Management (NRAM) would be refunding interest payments to some customers. The
refunds are being made because of failure by NRAM to comply with all the requirements for loan
documentation under the Consumer Credit Act 2008. The UK Asset Resolution (UKAR – the holding
company which manages NRAM) have stated that they will be refunding the interest payments
made by affected customers over the period that their documentation was not compliant. They
estimate that the total cost of this action will be of the order of £270 million. More information can
be found on the UKAR website. When the refund payments take place they will be recorded,
under National Accounts rules, as current transfers to the private sector, which means that they
will increase the public sector current budget deficit and the public sector net borrowing. As most
of the payments will be used to reduce the loan balances of NRAM customers there will also be a
simultaneous reduction in public sector loan assets.
Income Tax: Self-assessment
January is always a month when high taxes on income and wealth are recorded due to self
assessment returns and quarterly corporation tax figures. The due date for self assessment is the
last day of January and so some self assessment receipts may be recorded in February as well as
January. As the percentage of receipts recorded in February and January may vary between years,
year on year comparisons of income tax data can be misleading.
OSCAR
HM Treasury has replaced its COINS system for financial reporting with a new Online System
for Central Accounting and Reporting (OSCAR) for 2012/13 onwards. This system collects public
spending data from central government departments and the devolved administrations. January is
the ninth month that the central government spending data for 2012/13 has been produced using
this system. Although the data are for the most part of comparable quality to previous years, there
Office for National Statistics | 11
Public Sector Finances, January 2013 | 21 February 2013
are still some initial data and system issues. Resolving these issues may lead to larger than normal
revisions in the central government expenditure data reported during 2012/13.
Royal Mail Pension Plan
Following Royal Assent for the Postal Services Act, on 13 June 2011 the Department for Business,
Innovation and Skills (BIS) has transferred assets and liabilities from the Royal Mail Pension Plan
(RMPP) to a new government run unfunded public sector pension scheme. Under the terms of the
Act, the Government assumes both the RMPP pension liabilities, accrued up to March 2012, and the
bulk of the RMPP’s assets. These transactions took place in April 2012. More information regarding
the transfer can be found on the BIS website.
The value of the RMPP assets transferred was £28.0 billion and the value of the transferred
liabilities was approximately £38 billion. Under National Accounts rules, the pension liabilities of
unfunded pension plans, like those for the Civil Service, are contingent liabilities and are therefore
not recorded as liabilities in the National Accounts or Public Sector Finances. However, the transfer
of the assets will provide the government finances with a one off boost in the short term, though
government expenditure rises over the longer term as it pays out the pensions to retired Royal Mail
workers.
Guidance on how to record the government assumption of pension liabilities in circumstances
like this is explicitly set out in the Eurostat Manual on Government Deficit and Debt chapter on
"Payments to government from transfer of pension obligations". Following this guidance, the impact
of the transfer of assets has been that:
•
•
•
•
Central government net investment for April 2012 has been reduced by the total value of all the
assets (that is, £28 billion).
Central government net borrowing for April 2012 has been reduced by the total value of all the
assets (that is, £28 billion).
Central government net cash requirement, from April 2012 onwards, has been boosted (that is,
reduced) by that element of the total assets that has been realised as cash during the month.
Central government net debt at the end of April 2012 has been reduced by more than £16 billion
due to the value of the cash realised in April 2012 plus the uplifted nominal value of government
bonds (that is, gilts) previously held by the pension fund and transferred to central government.
Net debt is reduced by the cash as this is a liquid asset, while the government bonds impact the
debt as once they become government assets they are netted off government liabilities.
Other transferred illiquid assets will only impact on net debt and net cash requirement at the point at
which they are sold.
Swiss Tax Agreement
On 1 January 2013 an agreement between the UK and the Swiss Confederation on cooperation
in the area of taxation came into force. Under the terms of the agreement banking deposits of UK
residents held in Swiss banks will become liable for taxation. The details of the agreement can be
read on the HMRC website. In January 2013, the Swiss authorities made an initial payment of £342
Office for National Statistics | 12
Public Sector Finances, January 2013 | 21 February 2013
million to the UK Government which will accrue to May 2013 which is when the final liabilities will be
known.
International comparability
The Treaty on the Functioning of the European Union obliges member states to avoid excessive
budgetary deficits. The Protocol on the Excessive Deficit Procedure (EDP), annexed to the
Maastricht Treaty, defines two criteria and reference values for compliance. These are a deficit to
Gross Domestic Product (GDP) ratio of 3%, and a debt to GDP ratio of 60%. EU Member State
Governments have to report their actual and planned government deficits, and the levels of their
debt, to the European Commission, at the end of March and September each year.
The UK publishes a statistical bulletin, at the same time as its data transmission to the European
Commission, which provides a summary of the UK general government deficit and debt as defined
by the annex to the Maastricht Treaty. The latest bulletin published on 28 September 2012 reports
that in 2011/12 the general government deficit (or net borrowing) was 7.7% of GDP, and at the end
of March 2012 the general government gross debt was 85.8% of GDP.
The definition of general government deficit under the Maastricht Treaty has some minor differences
to the definition of general government net borrowing published in this Public Sector Finances
statistical bulletin. A reconciliation of the two is available within the Government Deficit and Debt
under the Maastricht Treaty statistical bulletin.
The definition of debt under the Maastricht Treaty is different to that used in this Public Sector
Finances statistical bulletin. The net debt measure reported in this bulletin (and used by the UK
Government for budget and forecast purposes) is calculated as the total stock of financial liabilities
minus liquid assets. By contrast, the Maastricht debt is a gross debt measure which is calculated
as the stock of financial liabilities. The other major difference in the two debt measures is that the
Maastricht debt is limited to general government whereas in the public sector finances the principal
debt measure is that for the public sector.
The UK figures may be compared to those of other EU Member States on the Government Finance
Statistics section of the Eurostat website. A full set of government finance tables provided by the UK
to Eurostat as the end of September 2012 were published on the ONS website on 23 October 2012.
Background for new users of Public Sector Finances
The Public Sector Finances (PSF) statistical bulletin is published jointly by Office for National
Statistics (ONS) and the Treasury. A note that outlines the joint publication arrangement can be
found on the ONS website. The bulletin is produced monthly and provides the latest available
estimates for key public sector financial statistics, such as Public Sector Net Borrowing and Public
Sector Net Debt.
The statistics in this bulletin present the latest figures for what the UK public sector has raised in
revenue, spent and invested. The headline statistic is for Public Sector Net Borrowing which is a
measure of the amount of money the Government has had to borrow in order to bridge the gap
Office for National Statistics | 13
Public Sector Finances, January 2013 | 21 February 2013
between expenditure and revenue. The other key statistics are Surplus on Current Budget and
Public Sector Net Debt.
The Surplus on Current Budget is a measure of the amount by which current receipts are greater
than current expenditure after allowing for depreciation.
Public Sector Net Debt is a measure of how much the UK public sector owes (to UK private sector
organisations or overseas institutions) at a point in time. When the Government borrows money or in
some other way increases its financial liabilities then it adds to its debt.
The statistical measures are all defined according to concepts set out in European and International
statistical accounting frameworks. The Treasury uses the same measures to monitor and set fiscal
policy, and the OBR uses them to forecast and evaluate the public finances. This standardisation
in data definitions enables much of the outturn data in this bulletin to be compared directly to
corresponding figures in OBR forecasts. The current government has set targets for fiscal policy
based on the Current Budget Surplus and Public Sector Net Debt. These are detailed in the Charter
for Budget Responsibility.
When making comparisons with OBR forecasts, or interpreting the data for other uses, allowance
should be made for the fact that the outturn estimates for recent periods are provisional and may be
subject to sizeable revisions in later months. More information on revisions and their magnitude can
be found in the Revisions section of this bulletin.
Throughout the bulletin comparisons are made of the latest data with that of the same period of
the previous year. The reason for this is that many of the expenditure and revenue items within the
public sector finances have a “seasonal” pattern to them. For instance tax receipts are typically
at their highest in January due to higher receipts than normal in this month from income tax self
assessment and quarterly corporation tax. Similarly expenditure on social benefits is typically
highest in November due to expenditure in this month for the winter fuel allowance.
All monetary values in the bulletin are in terms of ‘current prices’, that is, they represent the price in
the period to which the expenditure or revenue relates and are not adjusted for inflation.
This bulletin contains statistics which both exclude and include the temporary effects of the financial
interventions. More information on the background to these different measures and how they differ
methodologically can be found in the section on ‘Excluding and including financial interventions’.
Public sector net borrowing
In January 2013 the public sector net borrowing, excluding the temporary effects of financial
interventions (PSNB ex), was -£11.4 billion (a repayment), which is a £5.0 billion higher net
repayment than in January 2012, when PSNB ex was -£6.4 billion (a repayment).
For the period April 2012 to January 2013, the public sector net borrowing, excluding the temporary
effects of financial interventions (PSNB ex), was £65.8 billion, which was £26.5 billion lower than in
the same period of the previous year, when PSNB ex was £92.3 billion.
Office for National Statistics | 14
Public Sector Finances, January 2013 | 21 February 2013
The April 2012 to January 2013 net borrowing figures include three one-off transactions. The first
is a £28 billion transaction to the Government from the transfer of the Royal Mail Pension Plan,
the second is a £2.3 billion transaction to the Government from the closure of the Special Liquidity
Scheme and the third is a £3.8 billion transaction to the Government from the Bank of England Asset
Purchase Facility. For details of these one-off events see the ‘Recent events and methodological
changes’ section. If the effect of these three one-off transactions is removed from the public sector
net borrowing then PSNB ex in the period April 2012 to January 2013 would be £99.9 billion, which
would be £7.5 billion higher than in April 2011 to January 2012.
In 2011/12 the public sector net borrowing, excluding the temporary effects of the financial
interventions (PSNB ex), was £121.0 billion, which was £20.0 billion lower than in 2010/11, when
PSNB ex was £141.0 billion. The £20.0 billion drop in PSNB ex between 2010/11 and 2011/12 is
composed of a £9.8 billion reduction in net investment and £10.2 billion reduction in the current
budget deficit.
Values (as for all figures in this bulletin) are in current prices, ie not inflation adjusted. Therefore, the
reduction in net borrowing in inflation adjusted prices, or ‘real terms’, between 2011/12 and 2010/11
will be lower.
Public sector net borrowing data can be found in the following tables in this bulletin:
•
•
•
•
•
PSF1 provides time series data for net borrowing measures,
PSF2 provides public sector net borrowing by sector,
PSF7 provides cumulative public sector net borrowing by month back to 2000/01,
PSF9 provides net borrowing measures as a percentage of GDP by financial year back to
1974/75,
PSF10A shows how the public sector net cash requirement reconciles with the public sector net
borrowing.
Net borrowing can be defined as the difference between total accrued revenue (or receipts) and
total accrued expenditure (both current and capital). Net borrowing is an accrued measure which is
consolidated (ie intra sector transactions are not recorded).
During periods when the public sector revenue exceeds its expenditure then the public sector is able
to repay some of its debt rather than borrow further. When there is a repayment the public sector net
borrowing is shown as a negative.
Net borrowing by sector
In the UK the public sector consists of four sub-sectors; central government, local government, nonfinancial public corporations and financial public corporations (ie public sector banking groups).
As can be seen in Table 3 ‘Sectoral Breakdown of Public Sector Net Borrowing’, much the largest
share of the public sector net borrowing relates to central government transactions. A time series
presentation of these same data can be found in table PSF2 of this bulletin.
Office for National Statistics | 15
Public Sector Finances, January 2013 | 21 February 2013
Table 3: Sectoral Breakdown of Public Sector Net Borrowing by month and financial year-todate
Excluding the temporary effects of financial interventions
United Kingdom, £ billion1 (not seasonally adjusted)
January
April – January
2013
2012
Difference
2012/13
2011/12
Difference
-11.0
-6.1
-4.9
66.7
92.8
-26.1
Central
Government
-10.0
-8.1
-1.9
72.8
94.4
-21.6
Local
Government
-1.0
2.0
-3.0
-6.1
-1.6
-4.5
NonFinancial
Public
Corporations
-0.5
-0.4
-0.1
-0.9
-0.5
-0.4
-11.4
-6.4
-5.0
65.8
92.3
-26.5
1.5
-2.0
3.5
-15.4
-23.3
7.9
-9.9
-8.4
-1.4
50.4
69.0
-18.5
General
Government
of which
2
PS Net
Borrowing
(PSNB ex)
Public
Sector
Banking
Groups
PS Net
Borrowing
(PSNB)
Table source: Office for National Statistics
Table notes:
1. Unless otherwise stated
2. For the purposes of this table the Bank of England data has been subsumed into the Non-Financial Public
Corporations data
Download table
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(146.5 Kb)
Office for National Statistics | 16
Public Sector Finances, January 2013 | 21 February 2013
Public sector net debt
At the end of January 2013 the public sector net debt excluding the temporary effects of financial
interventions (PSND ex) was £1,162.8 billion (73.8% of GDP). This compares to a PSND ex of
£1071.2 billion (69.9% of GDP) at the end of January 2012.
Public sector net debt data can be found in the following tables in this bulletin:
•
•
•
•
•
PSF1 provides time series data for net debt measures,
PSF6A shows how public sector consolidated gross debt is derived,
PSF6B shows how public sector net debt is derived,
PSF8 net debt (excluding temporary effects of financial interventions) by month back to 1993/94,
PSF9 provides net debt measures by financial year back to 1974/75.
Net debt, for the purposes of UK fiscal policy, is defined as total gross financial liabilities less liquid
financial assets, where liquid assets are cash and short term assets which can be realised for cash
at short notice and without significant loss. These liquid assets mainly comprise foreign exchange
reserves and bank deposits. The net debt is a cash measure which is priced at nominal value (that
is, the cost to the issuer at redemption) and consolidated (that is, intra sector holdings of liabilities/
assets are removed). The net cash requirement is, approximately, the flows equivalent of net debt.
Central government receipts, expenditure and net investment
The central government accrued data are shown in two tables of this bulletin:
•
•
PSF3A which compares central government data with that of previous periods,
PSF3B which provides detailed time series data for central government.
As public sector net borrowing is largely driven by the central government accounts (see ‘Sectoral
Breakdown of Public Sector Net Borrowing’ table) it can be informative to look at the detail of these
central government accounts.
Central government accrued current receipts
In January 2013, central government accrued current receipts were £65.8 billion, which was £4.5
billion, or 7.3%, higher than in January 2012, when central government current receipts were £61.3
billion.
January 2013 includes £3.8 billion of dividend payments relating to cash flows from the Bank
of England Asset Purchase Facility (BEAPFF) to Government. If these one-off transactions are
excluded then accrued current receipts in January 2013 are £0.7 billion higher than in January 2012.
For the period April 2012 to January 2013, central government accrued current receipts were £453.0
billion, which was £8.1 billion, or 1.8%, higher than in the same period of the previous year, when
central government current receipts were £444.9 billion.
Office for National Statistics | 17
Public Sector Finances, January 2013 | 21 February 2013
In previous public sector finances statistical bulletins, the £2.3 billion transfer in April 2012 from the
Special Liquidity Scheme (SLS) was included within central government net investment. Following
review of the correct classification for the transfers from the Bank of England Asset Purchase
Facility to the Government it has been decided that the £2.3 billion SLS transfer should be recorded
as a dividend in the central government current receipts and not as a capital transfer in central
government net investment. This reclassification of the SLS transfer has been implemented for the
first time in this statistical bulletin. For further details see the ‘Recent events and methodological
changes’ section.
If the effect of the April 2012 SLS transaction and the January 2013 BEAPFF transaction were to be
removed from central government current receipts then for the period April 2012 to January 2013
the central government net investment would be £447.0 billion, which would be £2.1 billion, or 0.5%,
higher than in April 2011 to January 2012.
As cash receipts are generally accrued back to earlier periods, the first estimate for receipts in a
month is by nature provisional, including, as it must, a significant amount of forecast data. Therefore,
care must be taken when making inferences based on receipts data for the latest months.
Figure 2: Central government current receipts by month
Source: Office for National Statistics
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In 2011/12, the central government accrued current receipts were £536.0 billion, which was £22.3
billion, or 4.3%, higher than 2010/11, when central government current receipts were £513.7 billion.
Office for National Statistics | 18
Public Sector Finances, January 2013 | 21 February 2013
A large part of the rise in receipts between 2010/11 and 2011/12 was attributable to a rise in VAT
receipts of £12.5 billion. This rise, in large part, reflects the change in the rate from 17.5% to 20%.
The 2011/12 combined receipts of income tax and national insurance contributions (recorded as
income and capital gains tax and compulsory social contributions) rose by £4.9 billion, or 2.0%,
compared with 2010/11.
Central Government receipts follow a strong cyclical pattern over the year, with high receipts in April,
July, October and January due to quarterly Corporation Tax returns being accrued to these months.
This can be seen in Graph 2. January accrued receipts are particularly high due to receipts from
quarterly corporation tax combining with those from income tax self assessment. The revenue raised
through income tax self assessment, as well as affecting January receipts, also tends to lead to high
receipts in February and, to a lesser degree, March.
Central government current expenditure
In January 2013, central government accrued current expenditure was £52.3 billion, which was £2.1
billion, or 4.1%, higher than January 2012, when central government current expenditure was £50.3
billion.
For the period April 2012 to January 2013, central government accrued current expenditure was
£525.7 billion, which was £13.9 billion, or 2.7%, higher than in the same period of the previous year,
when central government current expenditure was £511.8 billion.
Figure 3: Central government current expenditure (total) by month
Source: Office for National Statistics
Office for National Statistics | 19
Public Sector Finances, January 2013 | 21 February 2013
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In 2011/12, the central government accrued current expenditure was £618.8 billion, which was £11.5
billion, or 1.9%, higher than in 2010/11, when central government current expenditure was £607.3
billion.
The rise of £11.5 billion is due to a rise in debt interest payments of £2.6 billion, a rise of net social
benefits of £8.2 billion and a rise in other expenditure of £0.7 billion.
The accrued debt interest payment rise between 2010/11 and 2011/12 reflected two factors. Firstly,
the increase in the number of gilts in issue, as a means to finance the government debt, has
increased government interest payments to gilt holders. Secondly, movements in the Retail Prices
Index produced increases in the interest paid by government on index linked gilts.
As changes in debt interest payments can have a significant effect on government current
expenditure trends it can be informative to consider the total central government current expenditure
excluding debt interest payments. Changes in this measure largely reflect changes in the total
outlay of departments and the devolved administrations. On this basis, the total accrued current
expenditure excluding debt interest for 2011/12 was £570.8 billion, which was £8.8 billion, or 1.6%,
higher than in 2010/11.
Figure 4: Central government current expenditure (excluding debt interest payments) by
month
Source: Office for National Statistics
Office for National Statistics | 20
Public Sector Finances, January 2013 | 21 February 2013
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The profile of total accrued Central Government expenditure is broadly flat through the year, as
can be seen in Graph 3 and 4. However, one observable cyclical pattern is that Net Social Benefits
in November is higher than in other months due to payments in this month for the winter fuel
allowance. A further cyclical trend is that “other” current expenditure tends to be highest at the end
of the financial year in March.
Central government net investment
In January 2013, central government net investment was £2.8 billion, which was £0.4 billion, or
18.3%, higher than in January 2012, when central government net investment was £2.4 billion.
For the period April 2012 to January 2013, central government net investment was -£6.4 billion,
which was £27.7 billion lower than in the same period of the previous year, when central government
net investment was £21.3 billion.
The April 2012 central government net investment includes a £28 billion one-off transaction which
relates to the transfer of the Royal Mail Pension Plan to the Government . For details of this one-off
event see the ‘Recent events and methodological changes’ section. If the effect of this transaction
were to be removed from central government net investment then for the period April 2012 to
January 2013 the central government net investment would be £21.6 billion, which would be £0.3
billion higher than in April 2011 to January 2012.
In previous public sector finances statistical bulletins, the £2.3 billion transfer in April 2012 from the
Special Liquidity Scheme (SLS) was included within central government net investment. Following
review of the correct classification for the transfers from the Bank of England Asset Purchase
Facility to the Government it has been decided that the £2.3 billion SLS transfer should be recorded
as a dividend in the central government current receipts and not as a capital transfer in central
government net investment. This reclassification of the SLS transfer has been implemented for the
first time in this statistical bulletin. For further details see the ‘Recent events and methodological
changes’ section.
Office for National Statistics | 21
Public Sector Finances, January 2013 | 21 February 2013
Figure 5: Central government net investment by month
Source: Office for National Statistics
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In 2011/12, central government net investment was £23.1 billion, which was £14.9 billion, or 39.2%,
lower than in 2010/11, when central government net investment was £37.9 billion.
The 2011/12 central government net investment is impacted by the transactions that took place
in March 2012 around the abolishment of the Housing Revenue Account. For details of these
transactions see the ‘Recent events and methodological changes’ section in the April 2012 statistical
bulletin. If the effects of the Housing Revenue Account changes were to be removed from central
government net investment then in 2011/12 the net investment would be £31.2 billion, which would
be £6.8 billion lower than in 2010/11.
Central government net investment not only includes the direct acquisition minus disposal of capital
assets (such as buildings, vehicles, computing infrastructure) by central government, but it also
includes capital grants to and from the private sector and other parts of the public sector. Capital
grants are varied in nature and cover payments made to assist in the acquisition of a capital asset,
payments made as a result of the disposal of a capital asset, transfers in ownership of a capital
asset and the unreciprocated cancellation of a liability.
Central government net investment is difficult to predict in terms of its monthly profile as it includes
some large capital grants (such as those to local authorities and education institutions), and can
include some large capital acquisitions or disposals, all of which do vary from year to year. One
Office for National Statistics | 22
Public Sector Finances, January 2013 | 21 February 2013
observable trend in the data, however, is that net investment in the last quarter of the financial year
is usually markedly higher than that in the previous three quarters.
Net cash requirement
In January 2013, central government net cash requirement (CGNCR) was -£16.6 billion (a surplus),
which was a £0.1 billion, or 0.5%, higher surplus than in January 2012, when there was a CGNCR of
-£16.5 billion (a surplus).
For the period April to January 2012, CGNCR was £75.7 billion, which was £12.5 billion, or 14.1%,
lower than in the same period of the previous year, when there was a CGNCR of £88.1 billion.
A significant part of the drop in CGNCR between April 2012 to January 2013 and the same period
in the previous year can be attributed to the cash realised in 2012/13 from sales of the assets of the
transferred Royal Mail Pension Plan.
In 2011/12, the central government net cash requirement (CGNCR) was £126.5 billion, which was
£13.1 billion, or 9.4%, lower than in 2010/11, when there was a CGNCR of £139.6 billion.
Net cash requirement data can be found in the following tables in this bulletin:
•
•
•
•
•
PSF4 provides net cash requirement by sector,
PSF5 provides a detailed breakdown of the central government net cash requirement and the
cash expenditure and receipts data from which it is derived,
PSF7 provides central government net cash requirement by month back to 2000/01,
PSF10A shows how the public sector net cash requirement reconciles with the public sector net
borrowing,
PSF10B shows how the central government net cash requirement reconciles with the central
government net borrowing.
The net cash requirement is a measure of how much cash in a period the government (or
public sector) needs to borrow (or lend) so as to balance its accounts. Historically, when the UK
government fiscal policy was on a cash basis rather than the current accruals basis, the net cash
requirement was known as the borrowing requirement. Although in UK fiscal policy the net cash
requirement has been replaced by the accruals measure of net borrowing, it is still an important
measure.
The net cash requirement is in essence the flows equivalent of net debt, which is also a cash
measure. This means that the changes in net debt between two points in time are (close to being)
equal to the net cash requirement for the intervening period. The relationship is not an exact one
because the net cash requirement reflects actual prices paid while the net debt is at nominal prices.
Although the central government net cash requirement is the largest part of the general government
net cash requirement, the public sector net cash requirement can be very different. The reason for
this is that the public sector net cash requirement includes the net cash requirement of the public
Office for National Statistics | 23
Public Sector Finances, January 2013 | 21 February 2013
sector banking groups. In recent years, the public sector banking groups have recorded large cash
surpluses which have had a substantial impact on the public sector net cash requirement.
Net debt and net borrowing: time series
Figure 6: Public sector net debt as a percentage of GDP, 1976/77 to 2011/12
Excluding the temporary effects of financial interventions
Source: Office for National Statistics
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Since 2001/02 public sector net debt has been increasing. At the end of March 2002, net debt was
30% of GDP then over the next six years, up until 2007/08, the average rate of increase was just
over 1% of GDP a year. From 2008 public sector net debt increased sharply, rising from 36% of
GDP at the end of March 2008 to 72% of GDP at the end of March 2012.
Public sector net debt figures are available back to 1974/75. Historically, public sector net debt has
not been constant. As can be seen in Graph 6, it fell from a debt level, pre-1977/78, that was above
50% of GDP to a low of 26% at the end of 1990/91. The public sector net debt then grew again from
1990/91 until it reached a peak of 42% of GDP at the end of 1996/97, before falling back to 30% of
GDP by the end of 2001/02.
Office for National Statistics | 24
Public Sector Finances, January 2013 | 21 February 2013
Given the close relationship between net borrowing (a flow measure) and net debt (a stock
measure) it is unsurprising to see a historical pattern to public sector net borrowing which
complements that of public sector net debt. Monthly public sector net borrowing figures are available
back to 1993, as shown in Graph 7. Between 1998/99 and 2000/01, when public sector net debt
was falling, net borrowing cumulatively over the year was negative (ie, there was a surplus), but
before and after this period the net borrowing was positive (ie, there was a deficit). Between 2003/04
and 2007/08 net borrowing was fairly static, varying between £33 billion and £41 billion, but with
the onset of the financial crisis in late 2007 net borrowing rose sharply to a peak of £159 billion in
2009/10 before falling a little to £141 billion in 2010/11 and then further to £121 billion in 2011/12.
Figure 7: Public sector net borrowing, 1993/1994 to 2011/12
Excluding the temporary effects of financial interventions
Source: Office for National Statistics
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Excluding and including financial interventions
Since 2007/08 the Government has made several direct interventions in the UK financial sector
as a response to the global financial crisis. As a result of those government interventions some
banks and other financial institutions which were previously designated within National Accounts
as private companies have been reclassified as public financial corporations. The government
interventions and the inclusion of banking groups, such as Royal Bank of Scotland and Lloyds,
Office for National Statistics | 25
Public Sector Finances, January 2013 | 21 February 2013
within the public sector have had a marked impact on the public sector finances. In recognition of
this the 2008 Budget introduced a measure of public sector debt excluding the temporary effects
of financial interventions (referred to here as PSND ex). A parallel measure of public sector net
borrowing (referred to as PSNB ex) was then introduced in the 2009 Pre-Budget Report.
The measures excluding the temporary effects of financial interventions are intended to show the
underlying state of the public sector finances without temporary distortions caused by financial
interventions, but including any permanent effects from these interventions. The government bases
its fiscal policy on these measures. Therefore, the main statistics in this bulletin also follow this
approach and exclude the temporary effects of financial interventions.
The public sector net debt and net borrowing excluding the temporary effects of financial
interventions (PSND ex and PSNB ex respectively) exclude the debt and borrowing of the public
sector banking groups as well as that related to schemes such as the Asset Purchase Facility, but
include public sector bank transactions with government and government interventions where the
money spent is not expected to be recouped.
So as to provide a full picture of the public sector finances this bulletin does not limit itself to
measures excluding the temporary effects of financial interventions but also contains figures that
take account of all the effects of the government financial interventions, including the liabilities
and transactions of the public sector banking groups. Table PSF12 of this bulletin provides a
reconciliation showing how these measures of Public Sector Net Borrowing (PSNB) and Public
Sector Net Debt (PSND) relate to their corresponding ex measures (that is, PSNB ex and PSND ex).
For more detail on the methodological differences between those statistics that exclude and include
the temporary effects of the financial interventions a paper entitled Public sector finances excluding
financial interventions (166.8 Kb Pdf) is available on the ONS website.
Statistics including financial interventions
The UK Government measures fiscal policy on the basis of public sector finance measures
which exclude the temporary effects of financial interventions made by the Government. These
interventions began in 2007/08, as a response to the financial crisis and have resulted in a
number of banking groups being brought temporarily into the public sector.
This section of the bulletin provides statistics which include the temporary effects of the financial
interventions, so as to allow the temporary impact of financial interventions to be monitored and to
provide context to the measures which exclude the temporary effects of financial interventions. More
information on the background to these different measures and how they methodologically differ can
be found in the section on ‘Excluding and including financial interventions’.
In 2011/12 public sector net borrowing including the temporary effects of financial interventions was
£93.6 billion which is £27.4 billion lower than the equivalent figure excluding the temporary effects of
the financial interventions. The lower net borrowing for the measure including the temporary effects
of the financial interventions is in large part due to the public sector banking groups, collectively,
having a significant current budget surplus rather than a deficit. That is to say, under National
Office for National Statistics | 26
Public Sector Finances, January 2013 | 21 February 2013
Accounts recording rules, the public sector banking groups have an income in current receipts which
is greater than their current expenditure.
Table 4: Measures of the Public Sector Finances by month and financial year-to-date
Including the temporary effects of financial interventions
United Kingdom, £ billion1 (not seasonally adjusted)
January
2013
PS Current
Budget
Investment
Difference
2012/13
2011/12
Difference
13.4
11.8
1.6
-60.5
-50.6
-10.0
3.5
3.4
0.1
-10.1
18.4
-28.5
-9.9
-8.4
-1.4
50.4
69.0
-18.5
2,188.1
2,180.2
7.9
2,188.1
2,180.2
7.9
138.9
142.3
-3.4
138.9
142.3
-3.4
3
PS Net
Borrowing
4
PS Net Debt
(PSND)
2012
2
PS Net
(PSNB)
April – January
5
PS Net Debt
as a % of
annual GDP
Table source: Office for National Statistics
Table notes:
1. Unless otherwise stated
2. Current Budget is the difference between current receipts and current expenditure
3. Net Investment is investment less depreciation
4. Net Borrowing is Current Budget less Net Investment
5. Net Debt is financial liabilities less liquid assets
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Including the temporary effects of the financial interventions has a large impact on public sector net
debt. The public sector net debt including the temporary effects of the financial interventions, at the
end of January 2013 was £2,188.1 billion (138.9% of GDP), this compares to a public sector net
debt excluding the temporary effects of financial interventions of £1,162.8 billion (73.8% of GDP).
The net debt for the measure including any temporary effects of the financial interventions is so
much higher than PSND ex as it includes the net debt of the public sector banking groups. Net debt
is defined as all financial liabilities minus liquid assets (see ‘Net debt’ section for more background).
Office for National Statistics | 27
Public Sector Finances, January 2013 | 21 February 2013
The public sector banking groups, like most banks, have a significantly greater amount of liabilities
than they do liquid assets, and so a high net debt. The net debt for the public sector banking groups
(including the debt of the Bank of England schemes, such as the asset purchase facility fund) was
estimated to be £973 billion at the end of December 2012. This is not to say that the public sector
banking groups have this amount of liabilities without any offsetting assets. Banks by the nature of
their business have a large amount of their assets in the form of loans which, are recorded as illiquid
assets and so, have no impact on the net debt measure.
Between January 2012 and January 2013 the public sector net debt increased by £7.9 billion and
fell from 142.3% of GDP to 138.9% of GDP. The reason for this is that the growth in net debt was
outstripped by the growth in GDP (as a rolling 12 month average) over the same period.
Background notes
1.
Data quality
A summary quality report (201.4 Kb Pdf) for the public sector finances is available on the ONS
website. This report describes in detail the intended uses of the statistics presented in this
publication, their general quality and the methods used to produce them.
2.
An overview note on the data sources used within public sector finances and the quality
assurance processes that are undertaken in compiling the statistical release was published on
the ONS website on 19 October 2012.
3.
Publication of data for all public sector banking groups and the Bank of England
Data for the Royal Bank of Scotland and Lloyds Banking Group were fully incorporated into the
public sector finances for the first time in the statistical bulletin published on 25 January 2011.
Prior to this data for public sector banking groups related only to Northern Rock plc, Northern
Rock (Asset Management) plc, and Bradford and Bingley plc. An article providing commentary
on inputs to the public sector banks series, the sources of the data, processing methodologies,
and the impacts on key aggregates is available from the ONS website (166.8 Kb Pdf).
4.
Following the sale of Northern Rock plc to Virgin Money Holdings (UK) Ltd on 1 January 2012,
Northern Rock plc has moved out of the public sector. Therefore, Northern Rock plc is not
included in the data for public sector banking groups from January 2012 onwards.
Northern Rock (Asset Management) plc and Bradford & Bingley have been reclassified from
public financial corporations to central government with effect from January 2010 and July 2010
respectively.
5.
The Bank of England is also classified to the public sector. Data for the Bank have been
presented separately in the PSF statistical bulletin (see tables PSF2 and PSF4) commencing
with the publication dated 25 January 2011. The data are ONS estimates derived from the
Bank's published accounts. Prior to the January 2011 publication, data for the Bank were
included within series for public corporations in the public sector finances.
Office for National Statistics | 28
Public Sector Finances, January 2013 | 21 February 2013
6.
Classification issues concerning financial interventions
There have been numerous financial interventions in recent years. These are described in an
article that was published on 6 November 2009.
The article also explains the classification of the institutions and transactions associated
with these measures in the UK's National Accounts and Public Sector Finances. This follows
consultation with Eurostat, the Statistical Office of the European Union, to ensure consistent
interpretation of the international guidance.
7.
Definitions
A methodology guide (360.3 Kb Pdf) to monthly public sector finance statistics is available on
the ONS website. It explains the concepts and measurement of the monthly data, plus those
previously published, and gives some long runs of historical data. The following background
notes provide further information regarding the monthly data.
8.
The current budget is defined as net saving plus receipts of capital taxes, using National
Accounts concepts as set out in the European System of Accounts 1995 (ESA95). For central
and local government, monthly estimates of the current budget are obtained directly from data
on transactions in current receipts and expenditures. For public corporations, the current budget
is obtained by subtracting net borrowing from an estimate of net investment. Net borrowing
is consistent with the definitions in ESA95; procedures for calculating it are discussed in the
methodological guide. Net investment is defined as investment less depreciation. Investment
is capital formation (acquisition of fixed assets, stocks and valuables net of any sales) plus net
payments of capital grants.
9.
Public sector net debt (PSND) is calculated as financial liabilities less liquid assets with both
scored at face value. Liquid assets mainly comprise foreign exchange reserves and bank
deposits. Public sector holdings of public sector debt are consolidated out. The public sector net
cash requirement is, approximately, the flows equivalent of PSND.
10. The GDP figure used in the denominator for the calculation of fiscal aggregates as a percentage
of GDP is the ‘not seasonally adjusted’ current price version. For the net debt ratio, the GDP
denominator covers the 12 months centred around the observation, for example six months
before and six months after it. For the current budget and net borrowing financial year ratios, the
GDP denominator covers the financial year. These calculations require estimates or forecasts of
GDP to be available for up to six months in the future.
This estimation procedure is explained in detail in an article, The use of GDP in fiscal ratio
statistics (70.8 Kb Pdf). The use of GDP in fiscal ratio statistics, available from the ONS website.
As a result of this estimation procedure the debt ratio is provisional when first published and
subject to later revision when outturn GDP first becomes available, and again when more
refined estimates of GDP are published.
11. Relevance to users
Office for National Statistics | 29
Public Sector Finances, January 2013 | 21 February 2013
Forecasts of The Office for Budget Responsibility (OBR) are quoted within this statistical
bulletin. The OBR was established in May 2010, and placed on a permanent, statutory footing in
March 2011. As set out in the Budget Responsibility and National Audit Act 2011, the OBR has
a duty to prepare fiscal and economic forecasts twice each year. The Government has adopted
the OBR’s forecasts as official forecasts used to inform policy decisions. The Charter for Budget
Responsibility sets out the Government’s intention to continue this practice.
12. The UK Statistics Authority (UKSA) conducted an assessment of the Public Sector Finances
Statistical Bulletin in 2011 to ensure that the bulletin and its compilation methods fully comply
with all requirements of the National Statistics Code of Practice. A report of their findings was
published on 3 November 2011. Following work to comply with the requirements itemised in the
UKSA report, the Public Sector Finances has had designation as National Statistics confirmed.
13. The United Kingdom Statistics Authority has designated these statistics as National Statistics, in
accordance with the Statistics and Registration Service Act 2007 and signifying compliance with
the Code of Practice for Official Statistics.
Designation can be broadly interpreted to mean that the statistics:
•
•
•
•
meet identified user needs;
are well explained and readily accessible;
are produced according to sound methods; and
are managed impartially and objectively in the public interest.
Once statistics have been designated as National Statistics it is a statutory requirement that the
Code of Practice shall continue to be observed.
14. A brief paper explaining the roles and responsibilities of ONS and HM Treasury when producing
and publishing the public sector finances statistical release was published on the ONS website
on 26 June 2012.
15. A note on the main uses and users of the public sector finances statistics was published on the
ONS website on 21 September 2012.
16. As part of a continuous engagement strategy, comments are welcomed on ways in which the
Public Sector Finances Statistical Bulletin might be improved.
Recommendations for the improvement of the Public Sector Finances Statistical Bulletin may
be emailed to [email protected]. Full contact details are available at the end of the bulletin.
17. Coherence
The Public Sector Finances (PSF) differ from other National Accounts data in that they have
a more flexible revisions policy. This means that the PSF data may be inconsistent with the
published GDP data and sector and financial accounts, as a revision may not be incorporated
into the main National Accounts data set until a later date due to the more restrictive revisions
policy.
Office for National Statistics | 30
Public Sector Finances, January 2013 | 21 February 2013
18. General government net borrowing reported in this bulletin forms the basis of the reports
of Government Deficit under the Maastricht Treaty. This was most recently reported on 28
September 2012.
19. The definition of general government net borrowing to be reported for the European Excessive
Deficit Procedure (EDP) is slightly different to that used for National Accounts. ONS publishes a
biannual bulletin which presents the general government net borrowing and general government
gross debt data as required by the EDP.
This bulletin on General Government Debt and Deficit under the Maastricht Treaty includes a
table which reconciles the EDP defined general government net borrowing and that published
here in the Public Sector Finances Statistical Bulletin.
20. Tax receipts data published in this bulletin are presented in terms of broad tax categories (e.g.
Income Tax, VAT). For more details on individual taxes, users can go to the HM Revenue &
Customs website and access a monthly publication which provides cash tax receipts data which
are entirely consistent with the data published in Table PSF5 of the bulletin.
21. Data from HM Treasury’s COINS database underlie the Central Government expenditure figures
provided in this publication up to March 2012 and those from April 2012 onwards are, sourced
from the OSCAR database. In June 2010, HM Treasury released into the public domain, as
part of the Government transparency agenda, raw data from the COINS database for the years
2005/06 to 2009/10. It was subsequently announced that annual updates to this raw data would
be released in September.
The latest outturn data for 2011/12 and updates to the four preceeding years were released on
21 September 2012. In-year quarterly data are also published by HM Treasury, with the latest
quarterly release, the second quarterly data from OSCAR, published on 21 December 2012.
The data are accessible from HM Treasury's website.
22. The public sector finances bulletin is produced in partnership with HM Treasury (HMT). Further
supporting information on public sector finances can be found on HMT's website. In addition, a
range of public finance data are available from HMT’s Public Finances Databank.
23. Accuracy
Central government departmental expenditure data are subject to various validation processes
and improve over time. They go through four main stages:
Stage 1: Initially, they are estimated using in-year reported data,
Stage 2: in the July following the completion of the financial year, departments update their
full financial year estimates (but with no in-year profile), for publication in the Treasury’s Public
Spending National Statistics annual publication. These estimates will be in line with the audited
resource accounts for most departments,
Stage 3: for the autumn update of the Treasury’s Public Spending National Statistics these
financial year estimates are updated,
Office for National Statistics | 31
Public Sector Finances, January 2013 | 21 February 2013
Stage 4: in February the following year the winter update of the Treasury’s Public Spending
National Statistics is published and the financial year estimates are further improved. All
departments’ and devolved administrations’ accounts will have been audited and finalised by
this stage.
Data for 2009/10 and 2010/11 are at stage 4.
Data for 2011/12 are at stage 3 and 2012/13 are at stage 1.
24. The local government data for 2009/10 and 2010/11 for local authorities are based on final
outturns for receipts and expenditure. Data for 2011/12 and 2012/13 are based on either
provisional estimates or forecasts and are subject to revisions when final outturn data become
available.
25. Revisions
Currently data for the public sector banking groups are only available for periods up to June
2012. Values for months from July 2012 onwards are ONS estimates. Consequently these, and
the aggregates which include the impacts of financial interventions, may be revised substantially
when actual data become available.
26. The public sector finances revisions’ policy was reviewed at the end of 2012 and subsequently
updated to more fully reflect compilation processes. The public sector revisions’ policy (207 Kb
Pdf) is available on the ONS website.
27. Historically, local government and public corporation net borrowing in the bulletin were
historically derived in two different ways depending on the month to which the net borrowing
related. Net borrowing for the most recent month (or months) was estimated from information
on cash deposits and loans. Net borrowing for earlier months was calculated from estimates of
accrued current expenditure, revenue and net investment in a manner consistent with National
Accounts.
On occasions, these two approaches led to significant revisions (upwards and downwards) in
the net borrowing when estimates originally arrived at through financial loans / deposit data were
updated quarterly to reflect the latest information on accrued expenditure and revenue. Since
January 2012 for local government and October 2012 for public corporations the methodology
used to calculate quarterly net borrowing estimates has been modified to always use accrued
current expenditure, revenue and net investment data. The cash deposits and loans data are
only used to profile the monthly net borrowing within the quarterly estimates. It is expected that
over time this approach will lead to less revisions to local government and public corporations
net borrowing.
28. A further recent development which is expected to reduce the size of local government data
revisions and improve the reliability of in-year local government data is the introduction of
the Quarterly Revenue Outturn data collection by the Department for Communities and Local
Government. These data, first collected during 2011/12, provide quarterly updates for the main
aspects of local government accrued current expenditure. The Public Sector Finances bulletin
Office for National Statistics | 32
Public Sector Finances, January 2013 | 21 February 2013
has used these data in its estimates of in-year local government net borrowing since January
2012.
29. One indication of the reliability of the key indicators in this bulletin can be obtained by monitoring
the size of revisions. Previously, analyses of revisions to the wider measures of public sector
current budget, net borrowing, and net debt that include the impacts of financial interventions
were presented in this bulletin. The sizeable revisions resulting from the replacement of imputed
data by hard data for the public sector banking groups has meant that these revisions have
become more prone to be statistically significant when tested. Given that the primary focus of
users is on the ex-measures, it would be preferable to analyse and present revisions of these in
the bulletin. As yet sufficiently long monthly time series are not available for the ex-measures to
enable standard revisions analysis to be conducted on them.
Summary table of revision indicators
Latest monthly
value
General
Government Net
borrowing, £m (NNBK)
-10,954
Revisions between first publication and
estimate twelve months later
Average over the
last five years
Average over
the last five
years (average
absolute
revision)
-831
1,551
Download table
XLS format
(26 Kb)
30. As general government net borrowing is quite close in terms of coverage to PSNB ex, it will in
the interim be the subject of revisions analysis. The table shows summary information on the
size and direction of revisions from first publication to one year later. The average of five years
worth of such revisions is shown; for example – from those first published in June 2006 (for
May 2006 to May 2011) first estimates. Please note that these indicators only report summary
measures for revisions, the revised data may still be subject to measurement error.
31. A statistical test is applied to the average revision to determine whether it is statistically
significantly different from zero. An asterisk (*) is used to indicate if a mean revision has been
found to be statistically significant. A spreadsheet giving these estimates and the calculations
behind the averages in the tables is available on the ONS website in the data section for this
statistical bulletin.
Office for National Statistics | 33
Public Sector Finances, January 2013 | 21 February 2013
32. Publication policy
Complete runs of series in this bulletin are available to download free of charge here. An
electronic dataset is made available one working day after publication of the Public Sector
Finances Statistical Bulletin. The dataset contains quarterly data consistent with the latest Public
Sector Finances Statistical Bulletin, analysed by economic category and sub-sector.
33. Details of the policy governing the release of new data are available from the Media Relations
Office. National Statistics are produced to high professional standards set out in the Code of
Practice for Official Statistics. They undergo regular quality assurance reviews to ensure that
they meet customer needs. They are produced free from any political interference.
34. Special arrangements apply to the Public Sector Finances, which is produced jointly with HM
Treasury. A list of ministers and officials with pre publication access to the contents of this
bulletin is available on request. In addition some members of the Treasury’s Fiscal Statistics
and Policy (FSP) team will have access to them at all stages, because they are involved
in the compilation or quality assurance of the data, and some members of the Treasury’s
Communications team will see the bulletin, but only within the 24 hour pre-release period,
because they place the data on the website.
35. Public sector finances data which supplement and extend the data provided in this bulletin have
been available via the ONS Financial Statistics publication. However, publication of the Financial
Statistics publication has ceased, with the last edition published on 12 July 2011.
Some public sector finance data series previously published in Financial Statistics are not
available elsewhere. Data series in this category are found in the Financial Statistics tables
1.2A, 1.3A, 1.3B, 1.3C, 1.3D and 1.4A. Therefore, these tables will continue to be made
available for download on the Public Sector Finances web page.
Tables 1.2A, 1.3A and 1.4A which are updated monthly will continue to be available monthly,
published concurrently with the PSF Supplementary data, while Tables 1.3B, 1.3C and 1.3D will
be available quarterly.
36. Following ONS
Follow ONS on Twitter, Facebook and YouTube.
37. Details of the policy governing the release of new data are available by visiting
www.statisticsauthority.gov.uk/assessment/code-of-practice/index.html or from the Media
Relations Office email: [email protected]
These National Statistics are produced to high professional standards and released according to
the arrangements approved by the UK Statistics Authority.
Copyright
Office for National Statistics | 34
Public Sector Finances, January 2013 | 21 February 2013
© Crown copyright 2013
You may use or re-use this information (not including logos) free of charge in any format
or medium, under the terms of the Open Government Licence. To view this licence, visit
www.nationalarchives.gov.uk/doc/open-government-licence/ or write to the Information Policy Team,
The National Archives, Kew, London TW9 4DU, or email: [email protected].
This document is also available on our website at www.ons.gov.uk.
Statistical contacts
Name
David Bailey
Phone
Department
+44 (0)1633 455668 Public Sector
Finances
Email
[email protected]
Next Publication Date:
21 March 2013
Issuing Body:
Office for National Statistics
Media Contact Details:
Telephone: 0845 604 1858
(8.30am-5.30pm Weekdays)
Emergency out of hours (limited service): 07867 906553
Email:
[email protected]
Office for National Statistics | 35
PSF1
Public Sector Summary Balances
£ million
Excluding financial interventions
Current
Budget
Net
Investment
Net Borrowing
Net Debt
(£ billion)
Net Debt as a
% GDP
Current
Budget
Net
Investment
Net Borrowing
Net Debt (£
billion)
Net Debt as a
% GDP
2004
2005
2006
2007
2008
JW2T
−20 968
−18 639
−8 380
−10 375
−30 393
-JW2Z
16 979
23 950
23 791
25 982
38 612
-J5II
37 947
42 589
32 172
36 357
69 005
HF6W
424.0
465.1
500.9
534.6
603.2
HF6X
34.5
35.8
36.6
37.0
42.8
ANMU
−20 968
−18 639
−8 380
−10 284
−21 252
-ANNW
16 979
23 950
23 792
26 026
33 292
-ANNX
37 947
42 589
32 172
36 310
54 544
RUTN
424.0
465.1
500.9
635.0
2 128.2
RUTO
34.5
35.8
36.6
44.0
151.0
2009
2010
2011
2012
−103 276
−107 901
−89 787
−99 067
52 976
40 673
30 846
384
156 252
148 574
120 633
99 451
740.9
980.6
1 090.7
1 182.3
51.6
65.7
71.3
75.2
−80 022
−85 199
−59 503
−75 940
44 273
40 445
31 286
492
124 295
125 645
90 789
76 432
2 245.5
2 246.2
2 221.4
2 204.3
156.4
150.5
145.1
140.3
2003/04
2004/05
2005/06
2006/07
2007/08
−17 720
−20 569
−14 476
−7 236
−7 630
15 623
20 574
23 456
25 840
29 089
33 343
41 143
37 933
33 076
36 719
381.5
422.1
461.7
497.8
527.2
32.2
33.9
35.1
35.8
36.4
−17 720
−20 569
−14 476
−7 236
−7 491
15 623
20 574
23 457
25 840
29 125
33 343
41 143
37 933
33 076
36 616
381.5
422.1
461.7
497.8
621.9
32.2
33.9
35.1
35.8
43.0
2008/09
2009/10
2010/11
2011/12
−51 290
−110 328
−102 504
−92 297
46 249
48 594
38 463
28 666
97 539
158 922
140 967
120 963
624.0
828.7
1 001.5
1 103.6
44.5
57.1
66.5
71.8
−37 553
−86 756
−76 241
−64 418
37 248
43 677
38 139
29 132
74 801
130 434
114 380
93 550
2 108.3
2 228.6
2 241.9
2 166.2
150.4
153.6
148.9
141.0
2009 Q3
Q4
−26 934
−35 533
9 472
14 603
36 406
50 136
687.7
740.9
48.6
51.6
−20 488
−28 717
9 383
10 328
29 871
39 045
2 151.2
2 245.5
152.0
156.4
2010 Q1
Q2
Q3
Q4
−11 054
−34 456
−24 940
−37 451
18 437
5 661
7 945
8 630
29 491
40 117
32 885
46 081
828.7
867.2
932.6
980.6
57.1
59.1
63.0
65.7
−6 092
−28 824
−18 718
−31 565
18 534
5 580
7 736
8 595
24 627
34 404
26 454
40 160
2 228.6
2 227.0
2 219.3
2 246.2
153.6
151.8
150.0
150.5
2011 Q1
Q2
Q3
Q4
−5 657
−33 464
−19 375
−31 291
16 227
3 907
5 157
5 555
21 884
37 371
24 532
36 846
1 001.5
1 037.3
1 057.4
1 090.7
66.5
68.4
69.3
71.3
2 866
−24 897
−12 915
−24 557
16 228
3 908
5 376
5 774
13 362
28 805
18 291
30 331
2 241.9
2 253.0
2 232.0
2 221.4
148.9
148.6
146.3
145.1
2012 Q1
Q2
Q3
Q4
−8 167
−34 504
−21 673
−34 723
14 047
−24 691
5 537
5 491
22 214
9 813
27 210
40 214
1 103.6
1 115.6
1 136.3
1 182.3
71.8
72.2
72.9
75.2
−2 049
−30 470
−15 311
−28 110
14 074
−24 664
5 564
5 518
16 123
5 806
20 875
33 628
2 166.2
2 130.3
2 154.2
2 204.3
141.0
137.8
138.3
140.3
2011 Jan
Feb
Mar
Apr
May
Jun
9 336
−4 830
−10 163
−8 167
−13 490
−11 807
4 093
4 548
7 586
1 085
1 097
1 725
−5 243
9 378
17 749
9 252
14 587
13 532
966.8
974.2
1 001.5
1 004.7
1 015.3
1 037.3
64.6
64.9
66.5
66.6
67.1
68.4
12 206
−2 024
−7 316
−5 317
−10 621
−8 959
4 093
4 548
7 587
1 085
1 097
1 726
−8 113
6 572
14 903
6 402
11 718
10 685
2 224.8
2 224.5
2 241.9
2 237.6
2 240.7
2 253.0
148.6
148.2
148.9
148.3
148.1
148.6
Jul
Aug
Sep
Oct
Nov
Dec
4 685
−12 641
−11 419
−4 187
−14 698
−12 406
1 541
1 662
1 954
1 591
1 583
2 381
−3 144
14 303
13 373
5 778
16 281
14 787
1 032.6
1 048.9
1 057.4
1 054.8
1 064.5
1 090.7
68.0
68.9
69.3
69.1
69.6
71.3
6 845
−10 481
−9 279
−1 996
−12 450
−10 111
1 614
1 735
2 027
1 664
1 656
2 454
−5 231
12 216
11 306
3 660
14 106
12 565
2 235.4
2 239.2
2 232.0
2 215.8
2 212.3
2 221.4
147.1
147.1
146.3
145.1
144.7
145.1
2012 Jan
Feb
Mar
Apr
May
Jun
9 811
−8 215
−9 763
−8 147
−15 187
−11 170
3 376
3 639
7 032
−27 242
1 318
1 233
−6 435
11 854
16 795
−19 095
16 505
12 403
1 071.2
1 076.4
1 103.6
1 086.4
1 092.9
1 115.6
69.9
70.1
71.8
70.6
70.9
72.2
11 817
−6 178
−7 688
−8 328
−13 078
−9 064
3 385
3 648
7 041
−27 233
1 327
1 242
−8 432
9 826
14 729
−18 905
14 405
10 306
2 180.2
2 163.9
2 166.2
2 144.2
2 132.0
2 130.3
142.3
141.0
141.0
139.3
138.2
137.8
Jul
Aug
Sep
Oct
Nov
Dec
1 999
−12 629
−11 043
−7 304
−14 984
−12 435
1 867
1 737
1 933
1 703
1 596
2 192
−132
14 366
12 976
9 007
16 580
14 627
1 109.3
1 116.6
1 136.3
1 142.6
1 157.1
1 182.3
71.6
71.9
72.9
73.1
73.9
75.2
4 092
−10 509
−8 894
−5 131
−12 764
−10 215
1 876
1 746
1 942
1 712
1 605
2 201
−2 216
12 255
10 836
6 843
14 369
12 416
2 132.4
2 136.3
2 154.2
2 165.8
2 181.0
2 204.3
137.6
137.5
138.3
138.6
139.2
140.3
2013 Jan
14 909
3 503
−11 406
1 162.8
73.8
13 373
3 512
−9 861
2 188.1
138.9
PSF2
Public Sector Net Borrowing : by sector
£ million
Net Borrowing
Central
government
Local government
General
government
Non-financial
PCs
Bank of England1
PSNBex
Public sector
banking groups2
Public sector
2004
2005
2006
2007
2008
-NMFJ
38 477
38 582
36 894
39 118
68 680
-NMOE
3 301
4 510
−326
1 230
4 637
-NNBK
41 778
43 092
36 568
40 348
73 317
-CPCM
−3 783
−437
−4 313
−3 909
−3 955
-JW2H
−48
−66
−83
−82
−357
-J5II
37 947
42 589
32 172
36 357
69 005
-IL6B
−
−
−
−47
−14 461
-ANNX
37 947
42 589
32 172
36 310
54 544
2009
2010
2011
2012
153 694
147 267
119 189
93 604
5 828
1 196
1 085
6 186
159 522
148 463
120 274
99 790
−3 115
175
392
−310
−155
−64
−33
−29
156 252
148 574
120 633
99 451
−31 957
−22 929
−29 844
−23 019
124 295
125 645
90 789
76 432
2003/04
2004/05
2005/06
2006/07
2007/08
37 431
39 875
34 023
35 184
41 014
99
3 924
5 318
2 218
505
37 530
43 799
39 341
37 402
41 519
−4 155
−2 605
−1 336
−4 240
−4 693
−32
−51
−72
−86
−107
33 343
41 143
37 933
33 076
36 719
−
−
−
−
−103
33 343
41 143
37 933
33 076
36 616
2008/09
2009/10
2010/11
2011/12
94 447
157 090
138 713
113 280
5 490
4 212
2 315
7 734
99 937
161 302
141 028
121 014
−2 009
−2 283
−6
−22
−389
−97
−55
−29
97 539
158 922
140 967
120 963
−22 738
−28 488
−26 587
−27 413
74 801
130 434
114 380
93 550
2009 Q3
Q4
33 262
47 218
2 651
2 735
35 913
49 953
517
209
−24
−26
36 406
50 136
−6 535
−11 091
29 871
39 045
2010 Q1
Q2
Q3
Q4
25 238
45 203
32 145
44 681
3 571
−4 956
1 153
1 428
28 809
40 247
33 298
46 109
703
−115
−399
−14
−21
−15
−14
−14
29 491
40 117
32 885
46 081
−4 864
−5 713
−6 431
−5 921
24 627
34 404
26 454
40 160
2011 Q1
Q2
Q3
Q4
16 684
45 250
23 217
34 038
4 690
−7 435
1 307
2 523
21 374
37 815
24 524
36 561
522
−437
15
292
−12
−7
−7
−7
21 884
37 371
24 532
36 846
−8 522
−8 566
−6 241
−6 515
13 362
28 805
18 291
30 331
2012 Q1
Q2
Q3
Q4
10 775
15 766
27 644
39 419
11 339
−6 000
−257
1 104
22 114
9 766
27 387
40 523
108
54
−170
−302
−8
−7
−7
−7
22 214
9 813
27 210
40 214
−6 091
−4 007
−6 335
−6 586
16 123
5 806
20 875
33 628
2011 Jan
Feb
Mar
Apr
May
Jun
−7 198
8 182
15 700
14 250
15 087
15 913
1 985
1 701
1 004
−4 595
−1 014
−1 826
−5 213
9 883
16 704
9 655
14 073
14 087
−25
−500
1 047
−401
517
−553
−5
−5
−2
−2
−3
−2
−5 243
9 378
17 749
9 252
14 587
13 532
−2 870
−2 806
−2 846
−2 850
−2 869
−2 847
−8 113
6 572
14 903
6 402
11 718
10 685
Jul
Aug
Sep
Oct
Nov
Dec
−2 619
12 672
13 164
4 846
14 792
14 400
−952
1 819
440
1 143
1 205
175
−3 571
14 491
13 604
5 989
15 997
14 575
429
−185
−229
−209
287
214
−2
−3
−2
−2
−3
−2
−3 144
14 303
13 373
5 778
16 281
14 787
−2 087
−2 087
−2 067
−2 118
−2 175
−2 222
−5 231
12 216
11 306
3 660
14 106
12 565
2012 Jan
Feb
Mar
Apr
May
Jun
−8 068
10 903
7 940
−16 652
18 499
13 919
1 996
1 185
8 158
−2 447
−2 047
−1 506
−6 072
12 088
16 098
−19 099
16 452
12 413
−361
−230
699
6
56
−8
−2
−4
−2
−2
−3
−2
−6 435
11 854
16 795
−19 095
16 505
12 403
−1 997
−2 028
−2 066
190
−2 100
−2 097
−8 432
9 826
14 729
−18 905
14 405
10 306
Jul
Aug
Sep
Oct
Nov
Dec
431
13 659
13 554
8 083
17 209
14 127
−827
878
−308
1 192
−381
293
−396
14 537
13 246
9 275
16 828
14 420
266
−168
−268
−266
−245
209
−2
−3
−2
−2
−3
−2
−132
14 366
12 976
9 007
16 580
14 627
−2 084
−2 111
−2 140
−2 164
−2 211
−2 211
−2 216
12 255
10 836
6 843
14 369
12 416
2013 Jan
−9 982
−972
−10 954
−450
−2
−11 406
1 545
−9 861
1 ONS estimates
2 Includes BoE Asset Purchase Facility Fund and Special Liquidity Scheme.
PSF3A Central Government Account : 2012/13
Excluding the temporary effects of financial interventions
£ billion 2
January
Central Government Current Receipts
Taxes on production
of which VAT
Taxes on income and wealth
of which income tax and capital gains tax
of which other (mainly corporation tax)
Other taxes
Compulsory social contributions (NICs)
Interest & dividends
Other receipts
Total current receipts
Central Government Current Expenditure
Interest
Net social benefits
Other
Total current expenditure
Total current expenditure (excluding debt interest payments)
Savings, gross plus capital taxes
Depreciation
Surplus on current budget 2
Central Government Net investment 3
Central Government Net borrowing 4
Local Government Net Borrowing
General Government Net Borrowing
Public Corporations Net Borrowing 5
Public Sector Net Borrowing
Public Sector Net Investment
Public Sector Current Budget
Memo items:
Income tax and NICs
Central Government Net Cash Requirement
Public Sector Net debt
Pubilc Sector Net debt as a % of GDP
2013
2012
change
£ billion
NMBY
NZGF
NMCU
LIBR
LIBP
LIQR
AIIH
LIQP
LIQQ
ANBV
16.5
9.4
34.0
25.9
8.0
1.2
8.9
4.5
0.7
65.8
16.0
9.1
34.2
24.9
9.2
1.2
8.7
0.6
0.6
61.3
NMFX
GZSJ
LIQS
ANLP
KSS6
ANPM
NSRN
ANLV
-ANNS
-NMFJ
3.0
16.0
33.3
52.3
49.3
13.5
0.7
12.8
2.8
-10.0
-NMOE
-NNBK
-KSS7
-J5II
-JW2Z
JW2T
KSS8
RUUW
HF6W
HF6X
change
£ billion
%
2012/13
2011/12
0.5
0.4
-0.2
1.0
-1.2
0.0
0.2
3.9
0.1
4.5
3.1
4.1
-0.6
4.0
-13.0
2.5
2.5
641.6
8.8
7.3
171.7
93.8
164.0
124.4
39.6
12.7
84.8
12.9
6.9
453.0
168.7
91.7
167.9
124.7
43.2
12.8
82.0
6.9
6.6
444.9
3.0
2.0
-3.9
-0.3
-3.6
-0.1
2.8
6.1
0.3
8.1
1.7
2.2
-2.3
-0.2
-8.4
-0.4
3.4
88.5
4.8
1.8
3.9
14.7
31.7
50.3
46.4
11.1
0.6
10.5
2.4
-8.1
-0.9
1.2
1.7
2.1
2.9
2.4
0.0
2.4
0.4
-1.9
-22.0
8.4
5.3
4.1
6.3
21.7
7.8
22.5
18.3
-23.7
39.2
161.2
325.4
525.7
486.6
-72.7
6.6
-79.3
-6.4
72.8
42.3
152.2
317.3
511.8
469.5
-66.9
6.3
-73.2
21.3
94.4
-3.2
9.0
8.1
13.9
17.1
-5.8
0.3
-6.1
-27.7
-21.6
-7.5
5.9
2.6
2.7
3.6
-8.7
4.8
-8.3
-130.1
-22.9
-1.0
-11.0
-0.5
-11.4
3.5
14.9
2.0
-6.1
-0.4
-6.4
3.4
9.8
-3.0
-4.9
-0.1
-5.0
0.1
5.1
-148.7
-80.4
-24.5
-77.2
3.8
52.0
-6.1
66.7
-0.9
65.8
-10.2
-76.0
-1.6
92.8
-0.5
92.3
18.0
-74.3
-4.5
-26.1
-0.4
-26.5
-28.2
-1.7
-280.7
-28.1
-73.3
-28.7
-156.5
-2.2
34.9
-16.6
1,162.8
73.8
33.7
-16.5
1,071.2
69.9
1.2
-0.1
91.6
3.9
3.6
-0.5
8.6
5.6
209.2
75.7
206.7
88.1
2.5
-12.5
1.2
-14.1
1
Unless otherwise stated
2
Current Budget is the difference between current receipts and current expenditure
3
Net Investment is investment less depreciation
4
Net Borrowing is Current Budget less Net Investment
5
For the purpose of his table the Bank of England data has been subsumed into Non-Financial Public Corperations data
Source: Office for National Statistics
April to January
%
PSF3B
Central Government Account : time series
(previously PSF3)
£ million
Current receipts
Taxes on
production
of which
Taxes on income and wealth
Total
VAT
Total
Income and
capital gains
tax1
2005/06
2006/07
2007/08
2008/09
2009/10
NMBY
159 769
169 370
175 837
167 064
170 350
NZGF
81 507
87 740
89 894
85 336
83 678
NMCU
179 721
193 646
207 286
200 178
182 233
LIBR
134 679
145 926
157 945
153 104
144 040
LIBP
45 042
47 720
49 341
47 074
38 193
LIQR
11 760
12 520
13 264
12 669
12 389
AIIH
85 559
90 916
95 437
96 613
96 638
LIQP
7 761
7 969
10 011
9 796
7 532
LIQQ
6 495
6 568
6 670
6 949
7 234
ANBV
451 065
480 989
508 505
493 269
476 376
2010/11
2011/12
190 569
203 101
97 256
109 791
196 523
198 053
151 311
152 329
45 212
45 724
12 882
15 315
97 747
101 597
8 396
10 072
7 608
7 903
513 725
536 041
2011 Jan
Feb
Mar
Apr
May
Jun
15 650
15 175
17 822
16 203
16 149
16 987
8 767
8 319
9 520
8 946
8 809
9 277
33 092
17 768
15 130
15 423
11 714
11 742
24 601
16 429
13 340
9 578
10 409
10 856
8 491
1 339
1 790
5 845
1 305
886
960
1 064
1 161
1 229
962
1 193
8 518
9 192
10 400
7 897
8 033
8 554
575
560
1 148
614
713
682
629
629
628
665
666
667
59 424
44 388
46 289
42 031
38 237
39 825
Jul
Aug
Sep
Oct
Nov
Dec
17 079
17 210
17 497
17 586
16 734
17 223
9 134
9 305
9 454
9 356
9 000
9 353
24 892
13 082
12 145
18 592
11 834
14 325
16 108
11 613
9 675
9 687
10 504
11 299
8 784
1 469
2 470
8 905
1 330
3 026
1 692
1 449
1 343
1 291
1 287
1 138
8 270
7 936
8 120
8 058
7 921
8 542
626
653
965
669
674
655
658
658
660
671
670
670
53 217
40 988
40 730
46 867
39 120
42 553
2012 Jan
Feb
Mar
Apr
May
Jun
16 041
16 045
18 347
16 139
16 598
17 232
9 078
8 588
9 491
9 114
9 177
9 446
34 163
15 657
14 484
15 517
10 892
12 202
24 942
14 412
13 246
10 346
9 401
10 884
9 221
1 245
1 238
5 171
1 491
1 318
1 183
1 454
1 094
1 161
1 283
1 253
8 710
9 077
10 479
8 651
8 132
8 792
601
532
2 688
3 013
577
419
638
639
641
716
671
691
61 336
43 404
47 733
45 197
38 153
40 589
Jul
Aug
Sep
Oct
Nov
Dec
17 541
16 959
17 305
17 749
17 592
18 002
9 290
8 969
9 339
9 635
9 555
9 779
23 210
12 788
12 436
17 998
10 309
14 674
16 125
11 347
10 010
9 943
8 738
11 646
7 085
1 441
2 426
8 055
1 571
3 028
1 440
1 426
1 206
1 413
1 172
1 148
8 468
8 196
8 482
8 138
8 118
8 909
653
593
857
932
711
706
705
700
690
694
689
693
52 017
40 662
40 976
46 924
38 591
44 132
2013 Jan
16 542
9 447
33 961
25 941
8 020
1 212
8 927
4 457
694
65 793
2
Other
Other taxes
Compulsor y
social
contributions
Interest and
dividends
Other
receipts3
Total
Current expenditure
Total
Saving, gross
plus capital
taxes
Depreciation
Current budget
Net investment
Net borrowing
ANLP
459 342
483 082
510 567
537 166
575 081
ANPM
−8 277
−2 093
−2 062
−43 897
−98 705
NSRN
5 744
5 951
6 125
6 488
6 682
ANLV
−14 021
−8 044
−8 187
−50 385
−105 387
-ANNS
20 002
27 140
32 827
44 062
51 703
-NMFJ
34 023
35 184
41 014
94 447
157 090
388 710
389 364
607 327
618 778
−93 602
−82 737
7 193
7 487
−100 795
−90 224
37 918
23 056
138 713
113 280
14 082
12 965
14 168
14 804
14 613
14 894
31 050
31 425
36 077
34 389
32 082
33 231
49 100
48 609
53 244
53 998
50 789
52 911
10 324
−4 221
−6 955
−11 967
−12 552
−13 086
594
594
593
632
632
633
9 730
−4 815
−7 548
−12 599
−13 184
−13 719
2 532
3 367
8 152
1 651
1 903
2 194
−7 198
8 182
15 700
14 250
15 087
15 913
4 133
3 728
2 886
4 938
4 833
4 228
15 031
15 319
15 615
14 853
16 815
15 513
28 865
32 275
32 217
29 467
30 229
32 868
48 029
51 322
50 718
49 258
51 877
52 609
5 188
−10 334
−9 988
−2 391
−12 757
−10 056
624
624
625
635
635
635
4 564
−10 958
−10 613
−3 026
−13 392
−10 691
1 945
1 714
2 551
1 820
1 400
3 709
−2 619
12 672
13 164
4 846
14 792
14 400
2012 Jan
Feb
Mar
Apr
May
Jun
3 896
3 826
1 795
5 151
4 548
3 919
14 726
14 328
14 955
15 765
16 416
15 300
31 652
32 938
39 151
32 480
33 202
32 835
50 274
51 092
55 901
53 396
54 166
52 054
11 062
−7 688
−8 168
−8 199
−16 013
−11 465
603
603
606
682
637
655
10 459
−8 291
−8 774
−8 881
−16 650
−12 120
2 391
2 612
−834
−25 533
1 849
1 799
−8 068
10 903
7 940
−16 652
18 499
13 919
Jul
Aug
Sep
Oct
Nov
Dec
3 479
2 740
2 867
4 530
4 490
4 395
16 030
16 140
15 885
16 033
17 644
16 001
29 739
33 166
32 795
31 686
31 541
34 599
49 248
52 046
51 547
52 249
53 675
54 995
2 769
−11 384
−10 571
−5 325
−15 084
−10 863
668
664
652
659
654
657
2 101
−12 048
−11 223
−5 984
−15 738
−11 520
2 532
1 611
2 331
2 099
1 471
2 607
431
13 659
13 554
8 083
17 209
14 127
2013 Jan
3 039
15 961
33 332
52 332
13 461
650
12 811
2 829
−9 982
Interest
Net Social
Benefits
Other
2005/06
2006/07
2007/08
2008/09
2009/10
NMFX
25 534
27 694
30 187
30 826
30 513
GZSJ
127 304
131 346
140 868
153 655
167 192
LIQS
306 504
324 042
339 512
352 685
377 376
2010/11
2011/12
45 332
47 948
173 285
181 466
2011 Jan
Feb
Mar
Apr
May
Jun
3 968
4 219
2 999
4 805
4 094
4 786
Jul
Aug
Sep
Oct
Nov
Dec
1 Includes capital gains tax paid by households. Includes income tax and
capital gains tax paid by cor porations.
2 Mainly comprises corporation tax and petroleum revenue tax.
3 Includes receipts from the spectrum.
PSF4
Public Sector Net Cash Requirement1
£ million
Central government
Local government
Non-financial public corporations
of which
NCR
Of which:
Own account
NCR
from CG
Public
sector
banking
groups 2
other
General
government
NCR
of which
NCR
from CG
other
Bank of
England3
NCR
Public
Sector NCR
1
2
3
4
5
6
7
8
9
10
11
12
2004
2005
2006
2007
2008
RUUW
43 193
40 422
39 612
33 777
125 576
RUUX
42 152
37 998
37 501
32 567
122 177
ABEG
−841
3 868
−853
−1 781
3 765
ABEC
760
2 568
2 466
1 317
3 310
AAZK
−1 601
1 300
−3 319
−3 098
455
RUUI
41 592
41 722
36 293
30 679
126 031
ABEM
939
−732
−3 187
1 610
−1 166
ABEI
281
−144
−355
−107
89
AAZL
658
−588
−2 832
1 717
−1 255
JW2I
−39
−73
−116
−117
−709
IL6D
−
−
−
2 750
72 802
RURQ
42 211
41 061
33 345
35 029
196 869
2009
2010
2011
2012
195 503
155 649
120 083
114 155
197 100
152 424
118 987
106 193
4 791
2 620
2 148
5 830
−1 488
2 744
1 027
8 469
6 279
−124
1 121
−2 639
201 782
155 525
121 204
111 516
−362
1 319
−1 765
1 201
−109
481
69
−507
−253
838
−1 834
1 708
151
59
27
31
−121 289
−154 159
−140 756
−229 120
80 391
2 263
−21 359
−115 865
2003/04
2004/05
2005/06
2006/07
2007/08
39 391
38 532
40 813
37 069
32 582
42 717
37 454
35 908
36 891
29 621
−2 712
1 270
4 153
58
−723
−3 290
784
5 014
825
2 853
578
486
−861
−767
−3 576
39 969
39 018
39 952
36 302
29 006
−1 539
−242
396
−1 792
−1 471
−36
294
−109
−647
108
−1 503
−536
505
−1 145
−1 579
−45
−43
−81
−125
−173
−
−
−
−
−275
38 421
38 439
40 376
35 032
26 979
2008/09
2009/10
2010/11
2011/12
162 433
198 821
139 626
126 537
162 513
197 715
137 681
117 509
4 401
4 958
773
8 816
133
368
1 958
8 793
4 268
4 590
−1 185
23
166 701
203 411
138 441
126 560
182
654
487
−2 062
−213
738
−13
235
395
−84
500
−2 297
−731
318
5
31
19 377
−113 933
−130 809
−173 328
185 742
89 712
8 137
−49 034
2009 Q3
Q4
36 893
76 844
36 247
76 537
596
3 473
570
159
26
3 314
36 919
80 158
−133
−56
76
148
−209
−204
86
87
5 804
−31 651
42 600
48 390
2010 Q1
Q2
Q3
Q4
31 415
51 630
27 967
44 637
30 577
49 720
27 137
44 990
5 684
−4 657
108
1 485
398
2 255
758
−667
5 286
−6 912
−650
2 152
36 701
44 718
27 317
46 789
1 140
−332
147
364
440
−345
72
314
700
13
75
50
58
−
1
−
−49 094
−48 198
−28 478
−28 389
−11 635
−3 467
−1 085
18 450
2011 Q1
Q2
Q3
Q4
15 392
41 755
29 323
33 613
15 834
41 729
28 814
32 610
3 837
−4 498
251
2 558
−388
67
512
836
4 225
−4 565
−261
1 722
19 617
37 190
29 062
35 335
308
−1 161
−108
−804
−54
−41
−3
167
362
−1 120
−105
−971
4
8
7
8
−25 744
−25 120
−44 682
−45 210
−5 761
10 958
−15 718
−10 838
2012 Q1
Q2
Q3
Q4
21 846
28 020
26 611
37 678
14 356
28 229
26 445
37 163
10 505
−5 243
−807
1 375
7 378
388
179
524
3 127
−5 631
−986
851
24 973
22 389
25 625
38 529
11
488
297
405
112
−597
−13
−9
−101
1 085
310
414
8
8
7
8
−58 316
−56 890
−57 298
−56 616
−33 436
−33 408
−31 356
−17 665
2011 Jan
Feb
Mar
Apr
May
Jun
−15 466
3 920
26 938
7 597
10 724
23 434
−15 331
4 415
26 750
7 128
11 137
23 464
693
2 782
362
−3 432
−548
−518
−143
−239
−6
137
−15
−55
836
3 021
368
−3 569
−533
−463
−14 630
6 941
27 306
4 028
10 191
22 971
−79
−500
887
−653
271
−779
8
−256
194
332
−398
25
−87
−244
693
−985
669
−804
−
1
3
3
2
3
−7 754
−7 772
−10 218
−7 785
−7 379
−9 956
−22 471
−1 074
17 784
−4 739
3 483
12 214
Jul
Aug
Sep
Oct
Nov
Dec
−4 362
10 672
23 013
−2 090
10 541
25 162
−4 699
10 453
23 060
−1 988
10 210
24 388
−1 398
1 464
185
1 475
555
528
99
517
−104
38
244
554
−1 497
947
289
1 437
311
−26
−5 859
11 619
23 302
−653
10 852
25 136
359
−182
−285
−499
−89
−216
238
−298
57
−140
87
220
121
116
−342
−359
−176
−436
2
2
3
3
2
3
−14 034
−13 755
−16 893
−14 156
−14 359
−16 695
−19 770
−2 018
6 070
−15 165
−3 681
8 008
2012 Jan
Feb
Mar
Apr
May
Jun
−16 549
5 643
32 752
−6 913
13 314
21 619
−16 208
5 824
24 740
−6 423
13 291
21 361
−363
1 455
9 413
−1 893
−2 091
−1 259
−84
−17
7 479
−40
170
258
−279
1 472
1 934
−1 853
−2 261
−1 517
−16 828
7 115
34 686
−8 766
11 053
20 102
−405
−202
618
138
207
143
−257
−164
533
−450
−147
−
−148
−38
85
588
354
143
3
2
3
3
2
3
−18 607
−18 357
−21 352
−18 135
−18 167
−20 588
−35 580
−11 278
13 422
−26 310
−6 758
−340
Jul
Aug
Sep
Oct
Nov
Dec
−4 205
8 735
22 081
3 068
12 588
22 022
−4 567
8 790
22 222
3 213
12 110
21 840
−1 108
646
−345
1 027
16
332
363
−48
−136
−134
478
180
−1 471
694
−209
1 161
−462
152
−5 676
9 429
21 872
4 229
12 126
22 174
140
66
91
−38
34
409
−1
−7
−5
−11
−
2
141
73
96
−27
34
407
2
2
3
3
2
3
−18 032
−17 826
−21 440
−17 994
−18 005
−20 617
−23 565
−8 322
531
−13 789
−5 843
1 967
2013 Jan
−16 630
−16 592
−287
−31
−256
−16 886
−308
−7
−301
3
−18 430
−35 614
Relationship between columns: 1=2+4+8 ; 12=2+3+7+10+11
1 Previously known as the borrowing requirement of the sector concerned
2 Includes Bank of England Asset Purchase Facility Fund and Special Liquidity Scheme
Figures for most recent months are ONS estimates
3 ONS estimates
PSF5
Central Government Net Cash Requirement on own account
(receipts and outlays on a cash basis - previously PSF6)
£ million
Cash receipts
HM Revenue and Customs
Cash outlays
8
Interest
and
dividends
Other
receipts 5
Total
Interest
payments
Net
acquisition of
company
securities 6
Total
Own
account
net cash
requirement
5
6
7
8
9
10
11
12
13
ABLP
77 026
83 612
87 156
96 656
98 504
EYOO
71 907
73 012
76 103
80 301
80 709
RUUL
6 855
6 549
6 640
8 251
9 354
RUUM
25 137
26 341
28 115
30 083
30 556
RUUN
379 506
405 457
436 117
460 799
468 290
RUUO
21 027
22 434
25 834
25 537
26 033
ABIF
−
−
−347
−2 340
19 714
RUUP
400 631
421 021
448 131
470 169
544 720
RUUQ
421 658
443 455
473 618
493 366
590 467
RUUX
42 152
37 998
37 501
32 567
122 177
35 402
41 253
42 267
39 694
95 053
95 860
101 033
102 127
68 637
80 865
95 208
98 619
6 666
5 274
5 757
9 505
31 282
34 063
42 235
38 410
422 823
451 183
482 430
484 134
29 304
34 008
43 923
39 016
41 809
−
−
−14 287
548 810
569 599
557 494
565 598
619 923
603 607
601 417
590 327
197 100
152 424
118 987
106 193
116 194
125 202
133 519
147 134
152 591
28 077
33 641
41 829
44 308
46 383
72 457
78 098
85 522
87 274
100 411
69 075
73 026
72 856
77 360
80 601
7 172
6 633
6 393
6 754
9 000
25 348
25 074
27 022
27 359
31 205
363 653
387 624
415 482
440 450
472 005
21 251
21 810
23 121
26 279
25 390
−
−
−347
−
−2 340
385 119
403 268
428 616
451 062
478 576
406 370
425 078
451 390
477 341
501 626
42 717
37 454
35 908
36 891
29 621
416 512
382 331
419 580
437 603
155 704
141 774
151 550
150 565
43 077
35 805
42 121
42 151
96 884
95 516
96 548
101 617
78 439
70 160
83 499
98 292
8 724
6 201
5 559
7 252
28 008
32 326
38 589
39 358
453 244
420 858
463 728
484 213
25 947
32 189
36 577
44 504
32 250
29 273
−
−747
557 560
557 111
564 832
557 965
615 757
618 573
601 409
601 722
162 513
197 715
137 681
117 509
2009 Q3
Q4
93 410
90 663
35 562
27 833
8 049
11 455
23 574
22 822
16 847
18 108
1 357
1 401
9 721
8 486
104 488
100 550
7 577
6 807
−
31 294
133 158
138 986
140 735
177 087
36 247
76 537
2010 Q1
Q2
Q3
Q4
112 559
94 699
107 569
97 019
47 102
34 366
37 334
28 857
9 939
7 173
11 294
12 847
26 393
22 870
23 950
22 647
19 103
19 886
20 564
21 312
1 551
1 049
1 370
1 304
4 493
8 868
11 557
9 145
118 603
104 616
120 496
107 468
9 271
6 956
10 782
6 999
−
−
−
−
139 909
147 380
136 851
145 459
149 180
154 336
147 633
152 458
30 577
49 720
27 137
44 990
2011 Q1
Q2
Q3
Q4
120 293
99 487
110 502
104 156
50 993
33 246
37 608
30 248
10 807
7 345
11 600
12 515
27 081
24 283
25 861
23 808
21 737
24 084
23 984
25 403
1 836
1 229
1 506
1 186
9 019
10 614
13 346
9 256
131 148
111 330
125 354
114 598
11 840
7 392
17 071
7 620
−
−
−
−
135 142
145 667
137 097
139 588
146 982
153 059
154 168
147 208
15 834
41 729
28 814
32 610
2012 Q1
Q2
Q3
Q4
123 458
100 129
109 251
103 381
49 463
33 411
37 797
29 593
10 691
7 267
9 837
11 899
27 665
24 651
25 731
24 080
24 821
24 469
24 524
24 805
3 331
3 473
1 350
1 351
6 142
11 977
10 844
9 447
132 931
115 579
121 445
114 179
12 421
7 542
12 622
6 431
−747
−11 109
−1 174
−1 257
135 613
147 375
136 442
146 168
147 287
143 808
147 890
151 342
14 356
28 229
26 445
37 163
2011 Jan
Feb
Mar
Apr
May
Jun
52 321
38 809
29 163
44 593
29 847
25 047
24 281
15 222
11 490
13 068
10 180
9 998
8 270
1 141
1 396
5 594
1 094
657
9 101
8 832
9 148
9 916
7 990
6 377
8 802
8 383
4 552
10 610
8 000
5 474
425
399
1 012
346
450
433
5 071
180
3 768
3 941
3 450
3 223
57 817
39 388
33 943
48 880
33 747
28 703
1 768
941
9 131
507
837
6 048
−
−
−
−
−
−
40 718
42 862
51 562
55 501
44 047
46 119
42 486
43 803
60 693
56 008
44 884
52 167
−15 331
4 415
26 750
7 128
11 137
23 464
Jul
Aug
Sep
Oct
Nov
Dec
47 037
34 904
28 561
42 789
32 548
28 819
16 637
11 803
9 168
9 836
10 287
10 125
8 576
1 263
1 761
8 658
1 071
2 786
9 484
8 476
7 901
8 017
7 983
7 808
9 960
8 552
5 472
10 559
9 464
5 380
372
403
731
399
397
390
4 036
4 392
4 918
2 291
3 520
3 445
51 445
39 699
34 210
45 479
36 465
32 654
2 107
5 921
9 043
498
938
6 184
−
−
−
−
−
−
44 639
44 231
48 227
42 993
45 737
50 858
46 746
50 152
57 270
43 491
46 675
57 042
−4 699
10 453
23 060
−1 988
10 210
24 388
2012 Jan
Feb
Mar
Apr
May
Jun
56 559
37 279
29 620
44 065
30 304
25 760
24 896
13 598
10 969
13 848
9 770
9 793
9 039
1 060
592
4 889
1 242
1 136
9 693
9 000
8 972
9 755
8 353
6 543
10 342
8 796
5 683
10 233
8 363
5 873
435
361
2 535
2 838
376
259
4 467
1 051
624
5 495
2 934
3 548
61 461
38 691
32 779
52 398
33 614
29 567
2 100
728
9 593
472
837
6 233
−747
−
−
−7 632
−2 774
−703
43 900
43 787
47 926
53 135
48 842
45 398
45 253
44 515
57 519
45 975
46 905
50 928
−16 208
5 824
24 740
−6 423
13 291
21 361
Jul
Aug
Sep
Oct
Nov
Dec
46 840
33 976
28 435
41 068
31 900
30 413
17 000
11 370
9 427
10 674
8 560
10 359
6 859
1 206
1 772
7 803
1 302
2 794
9 522
8 280
7 929
8 314
7 873
7 893
10 059
9 047
5 418
10 247
8 756
5 802
406
336
608
601
369
381
3 039
3 772
4 033
3 166
3 076
3 205
50 285
38 084
33 076
44 835
35 345
33 999
2 463
469
9 690
359
974
5 098
−646
−491
−37
−80
−16
−1 161
43 901
46 896
45 645
47 769
46 497
51 902
45 718
46 874
55 298
48 048
47 455
55 839
−4 567
8 790
22 222
3 213
12 110
21 840
2013 Jan
57 228
25 668
7 819
9 526
11 210
4 123
4 180
65 531
2 457
−403
46 885
48 939
−16 592
Total
paid
over 1
Income
tax2
Cor poration tax 2
1
2
3
4
2004
2005
2006
2007
2008
MIZX
347 514
372 567
401 362
422 465
428 380
RURC
121 493
130 818
140 616
149 968
157 500
ACCD
31 160
37 820
47 108
43 912
46 487
2009
2010
2011
2012
384 875
411 846
434 438
436 219
147 425
147 659
152 095
150 264
2003/04
2004/05
2005/06
2006/07
2007/08
331 133
355 917
382 067
406 337
431 800
2008/09
2009/10
2010/11
2011/12
1
2
3
4
3
NICs
V.A.T.
4
Relationships between columns 1+6+7=8; 9+10+11=12; 12-8=13
Comprises payments into the Consolidated Fund and all payovers of NICS
excluding those for Northern Ireland.
Income tax includes capital gains tax and is net of any tax credits treated by
HM Revenue and Customs as tax deductions.
UK receipts net of personal pension rebates; gross of Statutory Maternity
Pay and Statutory Sick Pay.
Payments into Consolidated Fund.
Net
depar tmental
outlays 7
5 Including some elements of expenditure not separately identified.
6 Mainly comprises privatisation proceeds.
7 Net of certain receipts, and excluding on-lending to local authorities and public
corporations.
8 A much more detailed breakdown of tax receipts is available from HM Revenue
and Customs at www.hmrc.gov.uk/stats/tax_receipts/menu.htm.
PSF6A
Public Sector Consolidated Gross Debt
nominal values at end of period
£ million
General government consolidated gross debt
British
Government
Stock (Gilts)
Sterling
Treasur y
bills
National
savings
Other
Sterling and
Foreign
Currency Debt1
Tax
instruments
NRAM and B&B
Total central
government
(CG) gross
debt
Total local
government
(LG) gross
debt
Less LG/CG
cross
holdings of
debt
General
government
(GG)
consolidated
gross debt
1
2
3
4
5
6
7
8
9
10
2005/06
2006/07
2007/08
2008/09
2009/10
BKPM
386 135
419 579
453 026
580 145
786 681
BKPJ
19 100
15 600
17 569
43 748
62 866
ACUA
73 365
78 885
84 764
97 231
98 804
ACRV
308
353
428
1 121
819
KW6Q
38 212
42 791
40 857
57 555
41 225
KW6R
−
−
−
−
44 629
BKPW
517 120
557 208
596 644
779 800
1 035 024
EYKP
60 114
62 425
66 371
67 301
68 226
KSC7
−46 726
−47 956
−50 445
−53 468
−53 578
BKPX
530 508
571 677
612 570
793 633
1 049 672
2010/11
2011/12
918 599
1 042 347
63 174
69 933
98 886
102 903
679
638
32 839
42 235
55 624
42 373
1 169 801
1 300 429
70 592
81 150
−55 509
−66 138
1 184 884
1 315 441
2011 Apr
May
Jun
933 230
949 650
968 301
62 226
64 530
66 806
98 894
101 611
102 770
681
668
650
31 973
30 962
35 421
54 943
54 263
53 582
1 181 947
1 201 684
1 227 530
70 679
70 615
70 789
−55 752
−55 747
−55 790
1 196 874
1 216 552
1 242 529
Jul
Aug
Sep
Oct
Nov
Dec
980 300
989 938
991 177
1 007 660
1 019 808
1 020 710
63 938
63 860
66 364
63 003
65 054
69 830
103 208
103 609
103 558
103 764
103 601
103 771
647
642
654
674
685
695
32 162
32 777
39 465
34 596
31 714
40 456
52 283
50 985
49 686
48 190
46 694
45 198
1 232 538
1 241 811
1 250 904
1 257 887
1 267 556
1 280 660
71 555
72 350
71 955
71 937
72 118
72 738
−56 083
−55 976
−56 798
−56 674
−57 740
−57 931
1 248 010
1 258 185
1 266 061
1 273 150
1 281 934
1 295 467
2012 Jan
Feb
Mar
Apr
May
Jun
1 038 217
1 051 518
1 042 347
1 051 904
1 067 797
1 058 448
65 964
63 520
69 933
64 378
62 903
71 432
103 668
103 471
102 903
102 819
102 622
102 717
692
633
638
655
657
678
27 377
33 810
42 235
31 864
33 258
34 186
44 256
43 315
42 373
41 674
40 976
40 277
1 280 174
1 296 267
1 300 429
1 293 294
1 308 213
1 307 738
72 883
73 369
81 150
81 565
81 586
81 964
−57 944
−58 234
−66 138
−65 478
−66 057
−66 940
1 295 113
1 311 402
1 315 441
1 309 381
1 323 742
1 322 762
Jul
Aug
Sep
Oct
Nov
Dec
1 075 714
1 083 959
1 099 569
1 118 011
1 133 883
1 140 272
67 057
64 084
61 369
56 319
52 880
51 101
102 545
102 208
102 064
102 048
101 953
101 989
690
695
707
696
675
702
31 189
34 141
35 565
36 154
35 328
40 391
40 212
40 148
40 083
39 970
39 858
39 745
1 317 407
1 325 235
1 339 357
1 353 198
1 364 577
1 374 200
82 733
83 647
83 064
83 036
83 418
83 719
−68 178
−67 639
−67 450
−66 981
−67 546
−67 571
1 331 962
1 341 243
1 354 971
1 369 253
1 380 449
1 390 348
2013 Jan
1 152 581
50 258
101 980
712
33 609
39 745
1 378 885
83 885
−67 695
1 395 075
Relationship between columns : 7=1+2+3+4+5+6
1 Including overdraft with Bank of England
10=7+8+9
Public sector consolidated gross debt
Non-financial
PCs (NFPCs)
gross debt
Less CG/NFPCs
cross holdings
of debt
Less LG/NFPCs
cross holdings
of debt
Public Sector Ex
(PS ex)
consolidated
gross debt
Public sector
banking groups
(PSBGs) gross
debt
Less CG/PSBGs
cross holdings
of debt
Less LG/PSBGs
cross holdings
of debt
Public sector
(PS)
consolidated
gross debt
11
12
13
14
15
16
17
18
2005/06
2006/07
2007/08
2008/09
2009/10
EYYD
14 687
14 430
13 804
13 669
10 518
KSC8
−8 453
−7 239
−9 211
−8 826
−8 969
KSC9
−191
−301
−143
−140
−216
KSD2
536 551
578 567
617 020
798 336
1 051 005
JX9R
−
−
99 827
2 032 144
2 027 719
KSD3
−
−
−1 440
−42 682
−207 659
KSD4
−
−
−364
−7 478
−9 364
BKQA
536 551
578 567
715 043
2 780 320
2 861 701
2010/11
2011/12
10 405
10 820
−8 905
−10 222
−306
−262
1 186 078
1 315 777
1 897 634
1 851 382
−202 369
−314 421
−10 981
−13 320
2 870 362
2 839 418
2011 Apr
May
Jun
10 780
10 385
10 374
−9 267
−8 891
−8 936
−263
−220
−241
1 198 124
1 217 826
1 243 726
1 909 653
1 921 841
1 931 736
−204 843
−207 315
−209 789
−11 114
−11 249
−11 382
2 891 820
2 921 103
2 954 291
Jul
Aug
Sep
Oct
Nov
Dec
10 688
10 520
10 453
10 386
10 355
10 670
−9 127
−8 786
−9 125
−9 320
−9 459
−9 732
−254
−292
−240
−243
−225
−227
1 249 317
1 259 627
1 267 149
1 273 973
1 282 605
1 296 178
1 916 398
1 901 215
1 882 986
1 884 708
1 888 964
1 883 300
−211 393
−212 997
−214 602
−233 687
−255 116
−268 979
−11 363
−11 343
−11 325
−11 305
−11 286
−11 266
2 942 959
2 936 502
2 924 208
2 913 689
2 905 167
2 899 233
2012 Jan
Feb
Mar
Apr
May
Jun
10 380
10 157
10 820
10 655
10 123
10 156
−9 746
−9 530
−10 222
−9 534
−8 729
−8 715
−346
−352
−262
−242
−284
−268
1 295 401
1 311 677
1 315 777
1 310 260
1 324 852
1 323 935
1 872 390
1 864 137
1 851 382
1 858 952
1 838 595
1 812 721
−282 883
−299 302
−314 421
−329 584
−330 506
−331 427
−11 951
−12 635
−13 320
−14 003
−14 688
−15 372
2 872 957
2 863 877
2 839 418
2 825 625
2 818 253
2 789 857
Jul
Aug
Sep
Oct
Nov
Dec
10 212
10 123
10 158
10 102
10 116
10 022
−8 707
−8 648
−8 712
−8 646
−8 682
−8 614
−239
−258
−278
−286
−281
−273
1 333 228
1 342 460
1 356 139
1 370 423
1 381 602
1 391 483
1 824 619
1 837 660
1 847 490
1 863 358
1 864 083
1 862 137
−335 232
−351 994
−363 962
−374 735
−375 127
−375 518
−15 372
−15 372
−15 372
−15 372
−15 372
−15 372
2 807 243
2 812 754
2 824 295
2 843 674
2 855 186
2 862 730
2013 Jan
9 970
−8 615
−262
1 396 168
1 865 500
−375 518
−15 372
2 870 778
Relationship between columns : 14=10+11+12+13
18=14+15+16+17
PSF6B
Public Sector Net Debt
nominal values at end of period
£ million
Public sector liquid assets
Official
reserves
Central
government (CG)
deposits and
other shor t
term assets
Local
government (LG)
deposits and
other short
term assets
Non-financial
public
corporations
(NFPCs)
deposits and
other short
term assets
Total public
sector Ex (PS
ex) liquid
assets
Public sector
banking groups
(PSBGs) liquid
assets
Less CG
deposits and
other shor t
term assets
with PSBGs
Less LG
deposits and
other short
term assets
with PSBGs
Total public
sector (PS)
liquid assets
19
20
21
22
23
24
25
26
27
2005/06
2006/07
2007/08
2008/09
2009/10
AIPD
27 835
26 631
29 561
31 527
44 652
KSD5
13 710
17 540
20 273
42 594
60 262
KSD6
26 374
28 449
33 273
25 923
22 432
KSD7
4 828
6 124
4 620
3 947
4 487
KSD8
72 747
78 744
87 727
103 991
131 833
KSD9
−
−
4 041
599 067
517 441
KSE2
−
−
−
−21 151
−3 620
KSE3
−
−
−728
−13 232
−16 324
BKQJ
72 747
78 744
91 040
668 675
629 330
2010/11
2011/12
52 969
60 954
37 247
58 801
24 593
24 691
4 093
5 206
118 902
149 652
525 337
543 162
−1 209
327
−18 814
−23 010
624 216
670 131
2011 Apr
May
Jun
54 214
54 790
56 247
40 335
48 861
50 793
27 999
28 460
29 015
5 253
5 061
5 143
127 801
137 172
141 198
542 515
559 692
576 870
−1 248
−1 284
−1 323
−19 002
−19 192
−19 380
650 066
676 388
697 365
Jul
Aug
Sep
Oct
Nov
Dec
56 923
59 853
59 407
60 280
61 360
60 294
58 688
49 799
51 058
60 919
59 969
49 059
30 963
30 894
29 388
28 226
27 082
27 596
5 154
5 221
5 074
5 200
5 202
5 661
151 728
145 767
144 927
154 625
153 613
142 610
572 732
568 594
564 456
560 262
556 070
551 878
−1 417
−1 511
−1 606
−1 420
−1 235
−1 049
−19 310
−19 238
−19 168
−19 096
−19 026
−18 954
703 733
693 612
688 609
694 371
689 422
674 485
2012 Jan
Feb
Mar
Apr
May
Jun
61 140
62 107
60 954
61 538
64 268
63 675
67 167
78 603
58 801
66 932
70 958
47 409
27 963
26 697
24 691
27 673
29 420
30 499
5 211
5 243
5 206
5 223
5 153
5 129
161 481
172 650
149 652
161 366
169 799
146 712
548 973
546 066
543 162
540 536
537 769
535 002
−591
−132
327
825
1 320
1 818
−20 306
−21 658
−23 010
−24 360
−25 712
−27 064
689 557
696 926
670 131
678 367
683 176
656 468
Jul
Aug
Sep
Oct
Nov
Dec
63 734
64 170
64 571
65 110
65 597
64 945
62 505
62 836
56 398
64 890
60 844
46 448
30 970
32 163
32 391
31 684
31 977
32 083
5 165
5 115
4 936
4 846
4 864
4 462
162 374
164 284
158 296
166 530
163 282
147 938
535 024
535 047
535 069
535 041
535 014
534 986
1 439
1 060
681
290
−102
−493
−27 064
−27 064
−27 064
−27 064
−27 064
−27 064
671 773
673 327
666 982
674 797
671 130
655 367
2013 Jan
66 271
68 814
32 386
4 723
172 194
534 986
−493
−27 064
679 623
Relationship between columns : 23=19+20+21+22 27=23+24+25+26
Public Sector Net Debt Ex (PSND ex)
Public Sector Net Debt (PSND)
Public Sector Ex
(PS ex)
consolidated
gross debt
Less Public
Sector Ex (PS
ex) liquid
assets
Bank of England
contribution to
PSND1
Less temporary
effects of CG
financial
inter ventions
Public Sector Ex
net debt (PSND
ex)
Public Sector
(PS)
consolidated
gross debt
Less Public
Sector (PS)
liquid assets
Public Sector
net debt (PSND)
28
29
30
31
32
33
34
35
2005/06
2006/07
2007/08
2008/09
2009/10
KSD2
536 551
578 567
617 020
798 336
1 051 005
-KSD8
−72 747
−78 744
−87 727
−103 991
−131 833
JXA8
−1 918
−1 825
−2 105
−3 389
−3 815
-KOT7
−
−
−
−66 987
−86 640
KSE6
461 886
497 998
527 188
623 969
828 717
BKQA
536 551
578 567
715 043
2 780 320
2 861 701
-BKQJ
−72 747
−78 744
−91 040
−668 675
−629 330
BKQK
461 671
497 806
621 898
2 108 256
2 228 556
2010/11
2011/12
1 186 078
1 315 777
−118 902
−149 652
−4 253
−3 092
−61 466
−59 456
1 001 457
1 103 577
2 870 362
2 839 418
−624 216
−670 131
2 241 893
2 166 195
2011 Apr
May
Jun
1 198 124
1 217 826
1 243 726
−127 801
−137 172
−141 198
−4 147
−4 042
−3 936
−61 436
−61 289
−61 265
1 004 740
1 015 323
1 037 327
2 891 820
2 921 103
2 954 291
−650 066
−676 388
−697 365
2 237 607
2 240 673
2 252 990
Jul
Aug
Sep
Oct
Nov
Dec
1 249 317
1 259 627
1 267 149
1 273 973
1 282 605
1 296 178
−151 728
−145 767
−144 927
−154 625
−153 613
−142 610
−3 831
−3 725
−3 620
−3 514
−3 409
−3 303
−61 190
−61 195
−61 205
−61 036
−61 036
−59 586
1 032 568
1 048 940
1 057 397
1 054 798
1 064 547
1 090 679
2 942 959
2 936 502
2 924 208
2 913 689
2 905 167
2 899 233
−703 733
−693 612
−688 609
−694 371
−689 422
−674 485
2 235 395
2 239 165
2 231 979
2 215 804
2 212 336
2 221 445
2012 Jan
Feb
Mar
Apr
May
Jun
1 295 401
1 311 677
1 315 777
1 310 260
1 324 852
1 323 935
−161 481
−172 650
−149 652
−161 366
−169 799
−146 712
−3 198
−3 092
−3 092
−3 092
−3 092
−3 092
−59 527
−59 507
−59 456
−59 388
−59 057
−58 495
1 071 195
1 076 428
1 103 577
1 086 414
1 092 904
1 115 636
2 872 957
2 863 877
2 839 418
2 825 625
2 818 253
2 789 857
−689 557
−696 926
−670 131
−678 367
−683 176
−656 468
2 180 202
2 163 859
2 166 195
2 144 166
2 131 985
2 130 297
Jul
Aug
Sep
Oct
Nov
Dec
1 333 228
1 342 460
1 356 139
1 370 423
1 381 602
1 391 483
−162 374
−164 284
−158 296
−166 530
−163 282
−147 938
−3 092
−3 092
−3 092
−3 092
−3 092
−3 092
−58 495
−58 481
−58 481
−58 212
−58 123
−58 123
1 109 267
1 116 603
1 136 270
1 142 589
1 157 105
1 182 330
2 807 243
2 812 754
2 824 295
2 843 674
2 855 186
2 862 730
−671 773
−673 327
−666 982
−674 797
−671 130
−655 367
2 132 378
2 136 335
2 154 221
2 165 785
2 180 964
2 204 271
2013 Jan
1 396 168
−172 194
−3 092
−58 123
1 162 759
2 870 778
−679 623
2 188 063
Relationship between columns : 32=28+29+30+31
1 Figures derived from Bank of England accounts
35=30+33+34
PSF7
Public Sector Finances: Current Budget,
Net Borrowing and Net Cash Requirement
£ billion
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
/01
/02
/03
/04
/05
/06
/07
/08
/09
/10
Public sector current budget excluding the temporary effects of financial interventions: cumulative in financial year
April
May
June
July
August
September
October
November
December
January
February
March
1.5
−1.0
−2.4
2.7
1.9
2.2
8.9
6.8
4.5
16.9
21.4
22.6
1.5
−1.0
−3.2
1.2
1.7
1.5
7.9
4.7
0.4
8.7
12.0
11.1
−0.8
−8.0
−10.2
−7.0
−8.8
−11.2
−7.6
−15.0
−18.5
−11.6
−9.7
−12.2
1.5
−6.0
−11.9
−10.2
−14.6
−16.7
−14.7
−19.9
−26.2
−19.4
−15.9
−17.7
−0.8
−7.5
−12.5
−9.2
−15.1
−19.2
−15.9
−24.1
−29.4
−17.1
−15.6
−20.6
1.8
−6.4
−12.2
−8.2
−11.9
−15.7
−12.8
−21.6
−27.5
−13.2
−11.1
−14.5
−
−6.3
−12.3
−4.0
−9.3
−13.8
−9.6
−17.0
−21.4
−7.6
−4.6
−7.2
0.5
−7.1
−12.9
−4.5
−10.7
−14.7
−10.4
−19.1
−24.5
−7.1
−3.4
−7.6
−1.0
−11.4
−17.8
−9.8
−17.1
−24.3
−22.1
−35.2
−47.3
−36.6
−38.7
−51.3
2000
2001
2002
2003
2004
2005
2006
2007
2008
/01
/02
/03
/04
/05
/06
/07
/08
/09
Public sector net borrowing excluding the temporary effects of financial interventions: cumulative in financial year
April
May
June
July
August
September
October
November
December
January
February
March
−1.6
−11.8
−10.4
−15.4
−14.4
−24.6
−30.8
−28.4
−25.8
−36.9
−40.1
−40.0
−1.1
2.2
4.9
1.2
1.5
2.5
−3.0
1.4
6.8
0.3
−1.3
0.8
1.0
8.7
11.3
9.0
11.8
15.1
12.6
21.3
25.9
21.2
21.4
26.0
−0.8
7.4
14.1
13.4
18.8
22.0
21.2
27.5
34.9
30.8
29.2
33.3
1.3
9.2
15.3
12.8
19.9
25.2
22.8
32.5
39.5
30.4
32.6
41.1
−0.5
8.1
14.4
12.0
17.4
22.7
21.7
32.9
40.9
29.5
30.9
37.9
1.8
9.4
16.2
9.6
16.1
22.5
19.1
28.4
35.2
24.3
24.5
33.1
−0.2
8.2
14.8
8.6
16.6
22.2
19.9
30.6
38.4
23.8
24.8
36.7
1.9
13.9
21.9
16.1
25.2
37.6
37.8
53.3
70.7
68.3
77.1
97.5
2010
/11
2011
/12
2012
/13
−6.5
−23.0
−34.5
−35.0
−46.5
−59.4
−64.9
−82.7
−96.8
−87.5
−92.3
−102.5
−8.2
−21.7
−33.5
−28.8
−41.4
−52.8
−57.0
−71.7
−84.1
−74.3
−82.5
−92.3
−8.1
−23.3
−34.5
−32.5
−45.1
−56.2
−63.5
−78.5
−90.9
−76.0
..
..
2009
/10
2010
/11
2011
/12
2012
/13
7.4
24.2
42.9
48.9
63.3
79.3
89.9
108.0
129.4
130.2
139.7
158.9
8.1
26.5
40.1
43.5
57.5
73.0
81.4
102.2
119.1
113.8
123.2
141.0
9.3
23.8
37.4
34.2
48.5
61.9
67.7
84.0
98.7
92.3
104.2
121.0
−19.1
−2.6
9.8
9.7
24.0
37.0
46.0
62.6
77.2
65.8
..
..
−5.7
−20.9
−36.8
−40.2
−51.5
−63.7
−71.3
−85.9
−99.3
−95.0
−98.9
−110.3
2000
2001
2002
2003
/01
/02
/03
/04
Public sector net cash requirement: financial year to date
2004
/05
2005
/06
2006
/07
2007
/08
2008
/09
2009
/10
2010
/11
2011
/12
2012
/13
−6.6
−18.9
−11.9
−19.5
−19.7
−28.4
−35.8
−33.4
−24.8
−41.1
−43.1
−36.5
−2.2
1.0
12.0
5.1
8.4
19.0
17.6
26.6
41.2
24.4
24.9
38.4
−1.1
4.0
16.3
7.8
12.5
24.5
19.7
28.5
43.8
22.5
24.4
40.4
−1.5
6.0
19.0
8.4
12.1
24.4
15.9
23.3
36.8
15.8
17.7
35.0
−3.7
2.6
12.6
−0.7
4.6
13.3
10.1
20.1
36.8
12.6
14.9
27.0
−2.7
7.5
19.5
5.5
19.4
59.4
102.1
146.0
206.7
173.7
168.6
185.7
−4.8
1.1
10.4
15.7
29.5
53.0
62.3
80.5
101.3
84.3
77.6
89.7
−9.1
−10.0
−3.5
−14.5
−17.4
−4.6
−11.0
−2.8
13.9
−8.6
−9.6
8.1
−4.7
−1.3
11.0
−8.8
−10.8
−4.8
−19.9
−23.6
−15.6
−51.2
−62.5
−49.0
−26.3
−33.1
−33.4
−57.0
−65.3
−64.8
−78.6
−84.4
−82.4
−118.0
..
..
2005
/06
2006
/07
2007
/08
2008
/09
2009
/10
2010
/11
2011
/12
2012
/13
−1.6
7.6
19.0
9.5
15.0
27.1
20.9
31.1
45.8
25.0
27.0
40.8
1.9
10.9
23.3
13.2
17.0
30.5
22.6
31.2
44.6
23.2
20.4
37.1
−1.2
7.6
17.5
4.2
10.6
20.8
15.5
24.8
41.3
18.6
20.3
32.6
2.2
15.7
30.5
17.5
29.0
67.8
75.0
87.1
134.3
129.9
134.8
162.4
11.0
31.3
53.7
56.0
67.5
90.6
95.9
109.8
167.4
165.3
171.5
198.8
9.6
27.6
51.6
48.7
54.5
79.6
81.1
96.4
124.2
108.8
112.7
139.6
7.6
18.3
41.8
37.4
48.1
71.1
69.0
79.5
104.7
88.1
93.8
126.5
−6.9
6.4
28.0
23.8
32.5
54.6
57.7
70.3
92.3
75.7
..
..
April
May
June
July
August
September
October
November
December
January
February
March
−4.3
−1.7
6.3
−3.1
−3.4
0.2
−5.7
0.3
9.7
−2.3
−4.2
4.0
−3.0
−0.5
6.7
0.8
2.9
7.9
6.0
13.0
24.8
13.1
13.2
24.5
−0.7
5.1
15.3
9.1
12.6
21.1
19.4
24.6
37.4
23.0
23.7
38.4
2000
2001
2002
2003
2004
/01
/02
/03
/04
/05
Central Government net cash requirement: cumulative in financial year
April
May
June
July
August
September
October
November
December
January
February
March
−6.3
−18.2
−11.3
−19.2
−18.9
−27.5
−35.5
−31.6
−23.2
−39.7
−41.6
−35.6
−5.1
−1.4
6.3
−3.7
−2.9
0.8
−5.8
0.6
9.7
−2.8
−4.6
2.8
−3.5
0.2
7.4
0.6
3.6
9.5
6.3
12.7
24.3
11.6
11.7
21.8
−0.4
7.4
17.4
10.4
14.3
23.7
21.5
27.1
40.1
25.5
26.4
39.4
−1.9
3.1
13.8
6.3
9.5
21.1
19.1
28.4
43.9
26.5
27.3
38.5
PSF8
Public Sector Finances: Net Debt
(excluding the temporary effects of financial interventions)
2000
2001
2002
2003
/01
/02
/03
/04
Public sector net debt: amount outstanding at end period
2004
/05
2005
/06
2006
/07
2007
/08
2008
/09
2009
/10
2010
/11
2011
/12
2012
/13
April
May
June
July
August
September
October
November
December
Januar y
February
March
379.4
384.0
395.1
388.5
391.5
401.4
399.5
409.0
424.0
407.5
408.1
422.1
420.7
425.7
437.4
429.1
434.6
445.1
441.0
449.7
465.1
443.3
445.8
461.7
460.5
468.1
483.1
469.9
474.4
486.3
478.4
486.7
500.9
479.1
480.5
497.8
494.2
501.8
512.9
499.6
507.1
514.7
509.4
518.7
534.6
511.9
515.8
527.2
527.1
539.4
554.4
542.3
548.0
565.5
561.8
571.6
603.2
590.3
597.6
624.0
627.4
642.2
663.2
665.4
668.2
687.7
695.1
709.1
740.9
792.1
799.9
828.7
831.2
843.4
867.2
896.5
906.3
932.6
935.5
952.7
980.6
966.8
974.2
1 001.5
1 004.7
1 015.3
1 037.3
1 032.6
1 048.9
1 057.4
1 054.8
1 064.5
1 090.7
1 071.2
1 076.4
1 103.6
1 086.4
1 092.9
1 115.6
1 109.3
1 116.6
1 136.3
1 142.6
1 157.1
1 182.3
1 162.8
..
..
31.9
32.1
32.9
32.3
32.4
33.1
32.8
33.4
34.5
33.0
32.9
33.9
33.6
33.9
34.6
33.8
34.0
34.6
34.2
34.8
35.8
34.0
34.1
35.1
34.9
35.3
36.2
35.1
35.3
36.0
35.3
35.7
36.6
34.8
34.7
35.8
35.3
35.7
36.3
35.2
35.6
35.9
35.5
36.0
37.0
35.4
35.7
36.4
36.5
37.4
38.5
37.8
38.4
39.8
39.6
40.4
42.8
42.0
42.5
44.5
44.7
45.8
47.3
47.3
47.4
48.6
48.9
49.6
51.6
55.0
55.3
57.1
57.1
57.7
59.1
60.9
61.4
63.0
63.0
64.0
65.7
64.6
64.9
66.5
66.6
67.1
68.4
68.0
68.9
69.3
69.1
69.6
71.3
69.9
70.1
71.8
70.6
70.9
72.2
71.6
71.9
72.9
73.1
73.9
75.2
73.8
..
..
337.4
324.7
332.5
325.3
325.3
317.0
309.5
310.7
320.7
305.2
304.4
311.1
307.0
310.1
318.5
311.0
310.6
312.4
306.9
312.7
323.0
310.4
307.1
314.3
311.5
314.5
320.8
315.5
318.3
324.8
331.0
337.1
348.1
336.3
334.8
346.0
339.5
344.4
354.6
348.7
351.9
359.8
359.2
365.9
380.1
366.0
367.2
381.5
Public sector net debt as a percentage of GDP at market prices1
April
May
June
July
August
September
October
November
December
January
February
March
34.8
33.4
34.1
33.2
33.1
32.1
31.3
31.3
32.2
30.5
30.3
30.8
30.3
30.5
31.2
30.4
30.3
30.3
29.7
30.1
31.0
29.7
29.2
29.8
29.4
29.6
30.0
29.4
29.5
29.9
30.3
30.7
31.6
30.3
30.1
30.9
30.2
30.5
31.2
30.5
30.6
31.2
31.0
31.4
32.5
31.2
31.1
32.2
1 Net debt at the end of the month. Gross domestic product at market prices
for 12 months centred on the end of the month.
PSF9
Long Run of Fiscal Indicators as a percentage of GDP
PSCB excluding
financial
inter ventions
PSNB excluding
financial
interventions
PSND excluding
financial
interventions
Public Sector Current
Budget (PSCB)
Public Sector Net
Borrowing (PSNB)
Public Sector Net
Debt (PSND)
1974/75
1975/76
1976/77
1977/78
1978/79
JW2V
−0.91
−1.43
−1.05
−1.29
−2.51
J5IJ
6.53
6.98
5.48
4.25
5.01
HF6X
52.0
53.8
52.3
49.1
47.2
J4DE
−0.91
−1.43
−1.05
−1.29
−2.51
J4DD
6.53
6.98
5.48
4.25
5.01
RUTO
52.0
53.8
52.3
49.1
47.2
1979/80
1980/81
1981/82
1982/83
1983/84
−1.81
−2.94
−1.27
−1.42
−1.92
4.08
4.82
2.28
2.97
3.75
44.0
46.1
46.1
44.8
45.1
−1.81
−2.94
−1.27
−1.42
−1.92
4.08
4.82
2.28
2.97
3.75
44.0
46.1
46.1
44.8
45.1
1984/85
1985/86
1986/87
1987/88
1988/89
−2.07
−1.19
−1.35
−0.41
1.64
3.65
2.37
2.04
1.00
−1.28
45.1
43.2
40.9
36.6
30.4
−2.08
−1.20
−1.36
−0.42
1.62
3.65
2.37
2.04
1.00
−1.28
45.1
43.2
40.9
36.6
30.4
1989/90
1990/91
1991/92
1992/93
1993/94
1.42
0.34
−1.93
−5.54
−6.19
−0.19
1.01
3.70
7.38
7.60
27.5
26.0
27.2
31.4
36.5
1.41
0.33
−1.94
−5.55
−6.20
−0.19
1.01
3.70
7.38
7.60
27.5
26.0
27.2
31.4
36.5
1994/95
1995/96
1996/97
1997/98
1998/99
−4.71
−3.27
−2.71
−0.12
1.17
6.08
4.62
3.39
0.68
−0.50
40.1
41.9
42.1
40.4
38.2
−4.71
−3.27
−2.72
−0.11
1.17
6.08
4.62
3.39
0.68
−0.50
40.1
41.9
42.1
40.4
38.2
1999/00
2000/01
2001/02
2002/03
2003/04
2.22
2.29
1.08
−1.12
−1.53
−1.65
−4.05
0.08
2.39
2.89
35.7
30.8
29.8
30.9
32.2
2.22
2.29
1.08
−1.12
−1.53
−1.65
−4.05
0.08
2.39
2.89
35.7
30.8
29.8
30.9
32.2
2004/05
2005/06
2006/07
2007/08
2008/09
−1.69
−1.13
−0.54
−0.53
−3.61
3.39
2.95
2.45
2.56
6.86
33.9
35.1
35.8
36.4
44.5
−1.69
−1.13
−0.54
−0.52
−2.64
3.39
2.95
2.45
2.56
5.26
33.9
35.1
35.8
43.0
150.4
2009/10
2010/11
2011/12
−7.79
−6.93
−6.05
11.23
9.53
7.93
57.1
66.5
71.8
−6.13
−5.15
−4.22
9.21
7.73
6.13
153.6
148.9
141.0
PSF10A
Reconciliation of Public Sector Net Borrowing
and Net Cash Requirement (previously PSF5)
£ million
Net borrowing
-B.9g
Net lending to
private sector and
rest of world
F.4
Net acquisition of
company securities
F.5
Adjustment for
interest on gilts
F.3
Accounts
receivable/payable
Other financial
transactions1
Net cash
requirement2
1
2
3
4
5
6
7
2004
2005
2006
2007
2008
-ANNX
37 947
42 589
32 172
36 310
54 544
ANSU
1 180
920
−653
2 961
−14 969
ANSV
251
1 011
−2 636
−2 442
71 229
ANSX
−2 157
−3 125
−760
−5 020
−6 146
ANSW
7 123
175
3 568
−3 549
18 659
ANSY
−2 133
−509
1 654
6 769
73 552
RURQ
42 211
41 061
33 345
35 029
196 869
2009
2010
2011
2012
124 295
125 645
90 789
76 432
−29 749
−34 323
−21 216
−53 754
35 448
−23 420
−31 647
−139 887
2 736
−8 678
−4 716
−5 937
20 287
−3 908
5 766
16 232
−72 626
−53 053
−60 335
−8 951
80 391
2 263
−21 359
−115 865
2003/04
2004/05
2005/06
2006/07
2007/08
33 343
41 143
37 933
33 076
36 616
2 641
925
874
−889
−4 835
355
521
655
−2 271
−3 238
−910
−2 402
−2 475
−1 383
−4 812
8 439
1 239
1 882
7 762
−10 484
−5 447
−2 987
1 507
−1 263
13 732
38 421
38 439
40 376
35 032
26 979
2008/09
2009/10
2010/11
2011/12
74 801
130 434
114 380
93 550
−7 954
−27 494
−44 156
−22 292
56 080
52 556
−28 225
−64 215
−4 885
1 817
−7 819
−2 291
27 968
14 289
−3 162
9 292
39 732
−81 890
−22 881
−63 078
185 742
89 712
8 137
−49 034
2009 Q3
Q4
29 871
39 045
−13 476
−12 524
35 878
27 684
3 499
−2 552
−614
8 982
−12 558
−12 245
42 600
48 390
2010 Q1
Q2
Q3
Q4
24 627
34 404
26 454
40 160
604
103
−19 457
−15 573
1 275
1 734
−12 962
−13 467
−31
−4 838
1 319
−5 128
−794
4 061
−9 776
2 601
−37 316
−38 931
13 337
9 857
−11 635
−3 467
−1 085
18 450
2011 Q1
Q2
Q3
Q4
13 362
28 805
18 291
30 331
−9 229
−8 804
−392
−2 791
−3 530
−4 383
−11 810
−11 924
828
−6 036
6 626
−6 134
−48
200
1 115
4 499
−7 144
1 176
−29 548
−24 819
−5 761
10 958
−15 718
−10 838
2012 Q1
Q2
Q3
Q4
16 123
5 806
20 875
33 628
−10 305
−13 764
−13 415
−16 270
−36 098
−34 381
−34 449
−34 959
3 253
−5 946
3 633
−6 877
3 478
12 907
−3 654
3 501
−9 887
1 970
−4 346
3 312
−33 436
−33 408
−31 356
−17 665
2011 Jan
Feb
Mar
Apr
May
Jun
−8 113
6 572
14 903
6 402
11 718
10 685
−2 343
−3 467
−3 419
−1 644
−3 660
−3 500
−1 048
−932
−1 550
−1 706
−1 248
−1 429
−1 352
−2 431
4 611
−3 501
−2 435
−100
−7 323
1 582
5 693
−4 792
−1 420
6 412
−2 292
−2 398
−2 454
502
528
146
−22 471
−1 074
17 784
−4 739
3 483
12 214
Jul
Aug
Sep
Oct
Nov
Dec
−5 231
12 216
11 306
3 660
14 106
12 565
−530
−218
356
−916
−1 090
−785
−4 014
−3 963
−3 833
−4 021
−4 350
−3 553
−1 172
3 023
4 775
−3 593
−2 986
445
−1 432
171
2 376
−2 416
−1 083
7 998
−7 391
−13 247
−8 910
−7 879
−8 278
−8 662
−19 770
−2 018
6 070
−15 165
−3 681
8 008
2012 Jan
Feb
Mar
Apr
May
Jun
−8 432
9 826
14 729
−18 905
14 405
10 306
−2 136
−4 278
−3 891
−2 716
−5 565
−5 483
−11 987
−11 867
−12 244
−11 206
−11 503
−11 672
−753
−2 000
6 006
−3 575
−2 595
224
−8 456
618
11 316
10 862
−2 716
4 761
−3 816
−3 577
−2 494
−770
1 216
1 524
−35 580
−11 278
13 422
−26 310
−6 758
−340
Jul
Aug
Sep
Oct
Nov
Dec
−2 216
12 255
10 836
6 843
14 369
12 416
−4 831
−4 563
−4 021
−4 621
−5 884
−5 765
−11 778
−11 278
−11 393
−12 079
−11 390
−11 490
78
−1 144
4 699
−2 962
−2 295
−1 620
−3 278
−2 246
1 870
−2 126
−349
5 976
−1 540
−1 346
−1 460
1 156
−294
2 450
−23 565
−8 322
531
−13 789
−5 843
1 967
2013 Jan
−9 861
−4 036
−11 572
648
−3 347
−7 446
−35 614
1 Includes statistical discrepancy, finance leasing and similar borrowing, insurance technical reserves, accounts receivable / payable and some other
minor adjustments
2 Prior to 1997 was known as public sector borrowing requirement (PSBR)
PSF10B
Reconciliation of Central Government Net Borrowing
and Net Cash Requirement
£ million
Net borrowing
-B.9g
Net lending to
private sector and
rest of world
F.4
Net acquisition of
company securities
F.5
Adjustment for
interest on gilts
F.3
Accounts
receivable/payable
Other financial
transactions1
Net cash
requirement2
1
2
3
4
5
6
7
2004
2005
2006
2007
2008
-NMFJ
38 477
38 582
36 894
39 118
68 680
ANRH
1 527
2 287
2 063
4 345
2 677
ANRS
275
407
479
−3 733
17 355
ANRU
−2 159
−3 128
−761
−5 020
−6 146
ANRT
4 934
1 586
−2 027
−4 105
20 297
ANRV
−902
−1 736
853
1 962
19 314
RUUX
42 152
37 998
37 501
32 567
122 177
2009
2010
2011
2012
153 694
147 267
119 189
93 604
4 686
5 758
4 233
7 187
33 183
1 329
1 580
1 416
2 735
−8 679
−4 716
−5 937
17 479
819
7 094
11 107
−14 677
5 930
−8 393
−1 184
197 100
152 424
118 987
106 193
2003/04
2004/05
2005/06
2006/07
2007/08
37 431
39 875
34 023
35 184
41 014
3 112
1 477
2 234
2 871
4 104
381
642
−327
−943
−1 980
−909
−2 402
−2 475
−1 384
−4 812
6 178
−1 172
−799
5 955
−11 026
−3 476
−966
3 252
−4 792
2 321
42 717
37 454
35 908
36 891
29 621
2008/09
2009/10
2010/11
2011/12
94 447
157 090
138 713
113 280
4 426
4 543
5 421
7 203
26 269
24 293
1 313
1 590
−4 885
1 817
−7 821
−2 291
30 012
10 914
677
10 741
12 244
−942
−622
−13 014
162 513
197 715
137 681
117 509
2009 Q3
Q4
33 262
47 218
546
148
78
25 367
3 499
−2 553
−167
8 420
−971
−2 063
36 247
76 537
2010 Q1
Q2
Q3
Q4
25 238
45 203
32 145
44 681
1 898
2 386
584
890
30
342
279
678
−30
−4 840
1 319
−5 128
−3 014
4 751
−7 290
6 372
6 455
1 878
100
−2 503
30 577
49 720
27 137
44 990
2011 Q1
Q2
Q3
Q4
16 684
45 250
23 217
34 038
1 561
2 304
900
−532
14
345
533
688
828
−6 036
6 626
−6 134
−3 156
845
3 200
6 205
−97
−979
−5 662
−1 655
15 834
41 729
28 814
32 610
2012 Q1
Q2
Q3
Q4
10 775
15 766
27 644
39 419
4 531
2 343
767
−454
24
366
338
688
3 253
−5 946
3 633
−6 877
491
13 610
−3 852
858
−4 718
2 090
−2 085
3 529
14 356
28 229
26 445
37 163
2011 Jan
Feb
Mar
Apr
May
Jun
−7 198
8 182
15 700
14 250
15 087
15 913
1 254
130
177
2 058
42
204
5
5
4
115
115
115
−2 091
−3 098
6 017
−4 214
−3 172
1 350
−7 238
−641
4 723
−4 781
−690
6 316
−63
−163
129
−300
−245
−434
−15 331
4 415
26 750
7 128
11 137
23 464
Jul
Aug
Sep
Oct
Nov
Dec
−2 619
12 672
13 164
4 846
14 792
14 400
−100
212
788
−163
−337
−32
178
178
177
229
229
230
−1 909
2 286
6 249
−4 360
−3 815
2 041
−673
794
3 079
−2 295
−216
8 716
424
−5 689
−397
−245
−443
−967
−4 699
10 453
23 060
−1 988
10 210
24 388
2012 Jan
Feb
Mar
Apr
May
Jun
−8 068
10 903
7 940
−16 652
18 499
13 919
2 809
667
1 055
2 653
−196
−114
8
8
8
122
122
122
−1 682
−2 975
7 910
−4 627
−3 671
2 352
−8 067
−1 579
10 137
11 062
−2 234
4 782
−1 208
−1 200
−2 310
1 019
771
300
−16 208
5 824
24 740
−6 423
13 291
21 361
Jul
Aug
Sep
Oct
Nov
Dec
431
13 659
13 554
8 083
17 209
14 127
−104
164
707
651
−612
−493
113
113
112
229
229
230
−986
−2 240
6 859
−4 120
−3 503
746
−3 558
−2 010
1 716
−3 169
−1 316
5 343
−463
−896
−726
1 539
103
1 887
−4 567
8 790
22 222
3 213
12 110
21 840
2013 Jan
−9 982
1 255
8
−560
−3 322
−3 991
−16 592
1 Includes statistical discrepancy, finance leasing and similar borrowing, insurance technical reserves, accounts receivable / payable and some other
minor adjustments For recent periods no data are available for up to 4
months after first publication
PSF11A Reconciliation of PSNB and PSNB ex (previously annex table)
2011 Q2
PSNB
2011 Q3
2011 Q4
2012 Q1
2012 Q2
2012 Q3
2012 Q4
2010-11
£ billion
2011-12
28.8
18.3
30.3
16.1
5.8
20.9
33.6
114.4
93.6
9.0
6.7
6.9
6.4
6.5
6.6
6.7
28.7
29.1
Included in PSNB ex
Public sector banks: transactions with government
Equity injections into RBS and Lloyds
Capital injection into Northern Rock
Depositor compensation: Bradford & Bingley
-0.4
0.0
0.0
0.0
-0.5
0.0
0.0
0.0
-0.4
0.0
0.0
0.0
-0.3
0.0
0.0
0.0
-2.5
0.0
0.0
0.0
-0.2
0.0
0.0
0.0
-0.1
0.0
0.0
0.0
-2.1
0.0
0.0
0.0
-1.7
0.0
0.0
0.0
PSNB ex
37.4
24.5
36.8
22.2
9.8
27.2
40.2
141.0
121.0
8.6
6.2
6.5
6.1
4.0
6.3
6.6
26.6
27.4
17.7
-8.6
-0.5
0.0
15.3
-8.3
-0.5
-0.2
15.6
-8.3
-0.5
-0.2
14.9
-8.3
-0.5
0.0
12.9
-8.4
-0.5
0.0
15.3
-8.4
-0.5
0.0
15.6
-8.5
-0.5
0.0
62.0
-33.7
-2.0
0.3
63.5
-33.5
-2.1
-0.5
Excluded from PSNB ex:
Public sector banks, Special Liquidity Scheme and Asset
Purchase Facility: transactions with private sector
Difference between PSNB and PSNB ex
Of which:
Current receipts
Current expenditure
Depreciation
Net investment
PSF11B Reconciliation of PSND and PSND ex (previously annex table)
£ billion
2011Q2
PSND
1
Less public sector banking groups
Less central government interventions
Lending
Compensation of depositors
Share purchases
Fees
Northern Rock capital injection
Total central government interventions
PSND ex
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2,253.0
2,232.0
2,221.4
2,166.2
2,130.3
2,154.2
2,204.3
1,162.3
1,121.5
1,080.0
1,012.2
965.4
968.7
973.4
0.0
7.4
53.8
-7.9
0.0
53.4
0.0
7.4
53.8
-8.1
0.0
53.1
0.0
5.7
53.8
-8.8
0.0
50.7
0.0
5.6
53.8
-9.1
0.0
50.4
0.0
4.6
53.8
-9.3
0.0
49.2
0.0
4.6
53.8
-9.3
0.0
49.2
0.0
4.3
53.8
-9.6
0.0
48.5
1,037.3
1,057.4
1,090.7
1,103.6
1,115.6
1,136.3
1,182.3
1. Includes Bank of England Schemes and fees paid to central government
PSF12R
Public sector statistics: Revisions since last publication
£ million unless otherwise stated
Excluding financial interventions
Current
Budget
Net
Investment
Net Debt
Net Borrowing billion)
(£ Net Debt as a Current
% GDP
Budget
Net
Investment
Net Debt
Net Borrowing billion)
(£ Net Debt as a
% GDP
JW2T
-JW2Z
-J5II
HF6W
HF6X
ANMU
-ANNW
-ANNX
RUTN
RUTO
2007/08
0
0
0
0.0
0.0
0
0
0
0.0
0.0
2008/09
-15
-1
14
0.0
0.0
-15
-1
14
0.0
0.0
2009/10
189
99
-90
58.7
4.0
193
99
-93
2.6
0.1
2010/11
1363
627
-736
91.7
6.1
1374
627
-747
-5.9
-0.4
2011/12
1332
663
-669
77.3
5.0
1332
663
-669
-3.4
-0.2
2010 Q1
216
99
-117
58.7
4.0
220
99
-120
2.6
0.1
Q2
204
99
-105
55.9
3.8
208
99
-109
1.6
0.1
Q3
391
180
-211
93.5
6.3
395
180
-215
-9.0
-0.6
Q4
387
180
-207
93.4
6.3
390
180
-210
-7.3
-0.5
2011 Q1
381
168
-213
91.7
6.1
381
168
-213
-5.9
-0.4
Q2
360
168
-192
88.2
5.8
360
168
-192
-4.2
-0.3
Q3
330
174
-156
83.9
5.5
330
174
-156
-3.2
-0.2
Q4
358
174
-184
81.1
5.3
358
174
-184
-3.7
-0.3
2012 Q1
284
147
-137
77.3
5.0
284
147
-137
-3.4
-0.2
Q2
2036
2439
403
74.8
4.9
-234
169
403
-3.6
-0.3
Q3
977
320
-657
72.7
4.6
977
320
-657
-1.7
-0.1
Q4
1038
19
-1019
70.9
4.5
1038
19
-1019
-0.5
0.0
2010 Jan
47
33
-14
60.4
4.2
48
33
-15
2.8
0.2
Feb
86
33
-53
59.6
4.1
87
33
-54
2.7
0.2
Mar
83
33
-50
58.7
4.0
85
33
-51
2.6
0.1
Apr
100
33
-67
57.9
4.0
101
33
-68
2.4
0.2
May
53
33
-20
57.0
3.9
54
33
-21
2.3
0.1
Jun
51
33
-18
55.9
3.8
53
33
-20
1.6
0.1
Jul
146
60
-86
84.8
5.7
147
60
-87
-1.9
-0.2
Aug
146
60
-86
89.1
6.0
147
60
-87
-5.5
-0.4
Sep
99
60
-39
93.5
6.3
101
60
-41
-9.0
-0.6
Oct
129
60
-69
93.3
6.3
130
60
-70
-8.5
-0.6
Nov
127
60
-67
93.4
6.3
128
60
-68
-8.1
-0.5
Dec
131
60
-71
93.4
6.3
132
60
-72
-7.3
-0.5
2011 Jan
127
56
-71
92.9
6.2
127
56
-71
-6.8
-0.5
Feb
125
56
-69
92.2
6.1
125
56
-69
-6.2
-0.4
Mar
129
56
-73
91.7
6.1
129
56
-73
-5.9
-0.4
Apr
120
56
-64
90.7
6.0
120
56
-64
-5.3
-0.3
May
120
56
-64
89.5
5.9
120
56
-64
-4.7
-0.3
Jun
120
56
-64
88.2
5.8
120
56
-64
-4.2
-0.3
July
94
58
-36
86.8
5.8
94
58
-36
-3.8
-0.3
Aug
119
58
-61
85.4
5.6
119
58
-61
-3.4
-0.2
Sep
117
58
-59
83.9
5.5
117
58
-59
-3.2
-0.2
Oct
121
58
-63
83.0
5.5
121
58
-63
-3.2
-0.2
Nov
118
58
-60
82.1
5.3
118
58
-60
-3.5
-0.2
Dec
119
58
-61
81.1
5.3
119
58
-61
-3.7
-0.3
2012 Jan
96
49
-47
78.9
5.2
96
49
-47
-3.5
-0.2
Feb
92
49
-43
78.1
5.0
92
49
-43
-3.4
-0.2
Mar
96
49
-47
77.3
5.0
96
49
-47
-3.4
-0.2
Apr
2164
2338
174
76.6
5.0
-106
68
174
-3.5
-0.2
May
-94
74
168
75.6
5.0
-94
74
168
-3.6
-0.2
June
-34
27
61
74.8
4.9
-34
27
61
-3.6
-0.3
July
191
130
-61
74.1
4.8
191
130
-61
-3.0
-0.2
Aug
310
79
-231
73.5
4.8
310
79
-231
-2.4
-0.2
Sept
476
111
-365
72.7
4.6
476
111
-365
-1.7
-0.1
Oct
415
85
-330
72.1
4.6
415
85
-330
-1.3
-0.1
Nov
34
137
103
71.4
4.6
34
137
103
-0.9
-0.1
Dec
589
-203
-792
70.9
4.5
589
-203
-792
-0.5
0.0