The ONS release this morning shows borrowing in the first six months of 2023-24 totalled £81.7 billion, £15.3 billion above the same period last year but £19.8 billion below the monthly profile consistent with our March forecast. The downside surprise is more than explained by higher central government receipts (£14.7 billion above profile), reflecting stronger…
Borrowing in the first four months of 2023-24 totalled £56.6 billion, £13.7 billion above the same period last year but £11.3 billion below the monthly profile consistent with our March forecast. The downside surprise is more than explained by higher central government receipts (£10.4 billion above profile), reflecting stronger nominal tax bases, alongside lower borrowing…
Borrowing in the first three months of 2023-24 totalled £54.4 billion, £12.2 billion above the same period last year but £7.5 billion below the monthly profile consistent with our March forecast. This downside surprise is more than explained by higher central government receipts (£7.7 billion above profile) thanks to surpluses across the three major taxes…
Public sector net debt stood at 100.1 per cent of GDP in May 2023, topping 100 per cent of GDP for the first time in 62 years. Borrowing in the first two months of 2023-24 totalled £42.9 billion, almost double the same period last year and £2.1 billion above the monthly profile consistent with our…
Borrowing in April 2023 of £25.6 billion was £3.1 billion above our March 2023 forecast profile – thanks to both slightly lower-than-expected receipts and slightly higher-than-expected spending – and almost double the £13.7 billion figure from a year ago. This year-on-year increase largely reflects higher inflation pushing up spending on debt interest payments (£3.1 billion…
The initial full-year estimate of government borrowing in 2022-23 is £139.2 billion, an £18.1 billion increase on the 2021-22 figure but £13.2 billion lower than our March forecast. This difference was driven by central government spending (£8.1 billion lower than forecast), local authorities net borrowing (£3.2 billion below forecast) and public corporations net borrowing (£6.9…
Author Archives: Charlotte Bunney
Year-to-date borrowing moves further below our forecast
20 October 2023
The ONS release this morning shows borrowing in the first six months of 2023-24 totalled £81.7 billion, £15.3 billion above the same period last year but £19.8 billion below the monthly profile consistent with our March forecast. The downside surprise is more than explained by higher central government receipts (£14.7 billion above profile), reflecting stronger…
Year-to-date borrowing remains below profile
22 August 2023
Borrowing in the first four months of 2023-24 totalled £56.6 billion, £13.7 billion above the same period last year but £11.3 billion below the monthly profile consistent with our March forecast. The downside surprise is more than explained by higher central government receipts (£10.4 billion above profile), reflecting stronger nominal tax bases, alongside lower borrowing…
Strong receipts bring year-to-date borrowing below forecast
21 July 2023
Borrowing in the first three months of 2023-24 totalled £54.4 billion, £12.2 billion above the same period last year but £7.5 billion below the monthly profile consistent with our March forecast. This downside surprise is more than explained by higher central government receipts (£7.7 billion above profile) thanks to surpluses across the three major taxes…
Net debt tops 100 per cent of GDP for first time since 1960s
21 June 2023
Public sector net debt stood at 100.1 per cent of GDP in May 2023, topping 100 per cent of GDP for the first time in 62 years. Borrowing in the first two months of 2023-24 totalled £42.9 billion, almost double the same period last year and £2.1 billion above the monthly profile consistent with our…
Debt interest and energy subsidies raise budget deficit
23 May 2023
Borrowing in April 2023 of £25.6 billion was £3.1 billion above our March 2023 forecast profile – thanks to both slightly lower-than-expected receipts and slightly higher-than-expected spending – and almost double the £13.7 billion figure from a year ago. This year-on-year increase largely reflects higher inflation pushing up spending on debt interest payments (£3.1 billion…
2022-23 budget deficit lower than March forecast
25 April 2023
The initial full-year estimate of government borrowing in 2022-23 is £139.2 billion, an £18.1 billion increase on the 2021-22 figure but £13.2 billion lower than our March forecast. This difference was driven by central government spending (£8.1 billion lower than forecast), local authorities net borrowing (£3.2 billion below forecast) and public corporations net borrowing (£6.9…