Category Archive: Monthly public finances release

We have published monthly profiles for receipts, spending and borrowing in 2023-24, consistent with our March 2023 Economic and fiscal outlook, below and alongside our monthly commentary on the public finances.

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…

Government borrowing in February 2023 was £16.7 billion, up £9.7 billion on last year, largely thanks to spending on energy schemes. Year-to-date borrowing of £132.2 billion is up £15.5 billion (13.2 per cent) on last year. But it is only up £6.9 billion (5.9 per cent) on a like-for-like basis (correcting for student loans figures…

While not a statutory obligation of the OBR, the publication of monthly profiles for the public sector finances consistent with our most recent EFO is something we started doing in May 2020, shortly after presenting our initial Covid reference scenario in the early weeks of the pandemic. Given the extraordinary pressures that the pandemic was…

January is a big month for tax receipts, with self-assessment (SA) payments due. At £35.1 billion, SA receipts exceeded our November forecast by £5.8 billion (partly reflecting timing effects). Alongside large downward revisions to borrowing in previous months, this has left year-to-date borrowing in the first ten months of 2022-23 £22.0 billion below our forecast…

Borrowing in the first nine months of 2022-23 was £128.1 billion, up £5.1 billion on last year but £2.7 billion below our November forecast profile in the headline figures and £11.3 billion below profile on a like-for-like basis (correcting for a temporary difference in student loans figures in our forecast profile versus ONS outturn). This…

Borrowing in November was £22.0 billion, the highest November figure since monthly records began, largely thanks to a sharp rise in public spending due to the cost of energy and cost-of-living support schemes introduced this year. Borrowing in the first eight months of 2022-23 was £7.8 billion below our November forecast profile published today, largely…

We have published updated monthly profiles for receipts, spending and borrowing in 2022-23 consistent with our November 2022 Economic and fiscal outlook below and alongside our monthly commentary on the public finances.

Government borrowing in October 2022 was £13.5 billion, £4.4 billion higher than last year – thanks to the first payments from two energy support schemes for households. But year-to-date borrowing of £84.4 billion is down £21.7 billion (20.5 per cent) on last year – thanks to stronger tax receipts and no spending on Covid schemes,…

Borrowing in the first five months of 2022-23 was just £0.2 billion above our March forecast profile, with higher debt interest payments (£9.0 billion above profile) offset by downside surprises elsewhere. But energy bill support measures have yet to have a material effect on the public finances. The May package has so far added £2.4…