–Mar PSNB Stg23.498bn vs Stg20.06bn in Mar 09; Median Stg27.0bn
–Mar PSNCR Stg25.752bn vs Stg28.359bn in Mar 09; median Stg32.0bn
–Mar current budget -Stg14.8bn vs -Stg11.975bn in Mar 09
–2009-10 PSNB, PSNCR, Current Budget Deficit Below 2010-11 Budget Fcast
LONDON (MNI) – Public Sector Net Borrowing in the 2009/10 financial
year came in below the Treasury’s budget forecast made just a month ago,
according to figures released by National Statistics Thursday.
In 2009/10 PSNB excluding financial interventions stood at Stg163.4
billion compared with the Budget forecast of Stg167 billion. Including
financial interventions the shortfall came in at Stg152.8 billion
compared with the Stg156 billion prediction in the Budget. Borrowing in
the past financial year was the largest on record.
For the latest month of March, PSNB came in at a record level of
Stg23.498, but was below the median forecast of Stg27.0 billion.
The Public Sector Net Cash Requirement stood at Stg25.752 billion,
also below the median forecast of Stg32.0 billion.
The current budget deficit hit a record Stg14.8 billion for the
month of March, up from Stg11.975 billion in March 2009.
While the government may well be able to highlight that borrowing
has come in below the recent forecasts made in the Budget, the
level of public sector debt remains at record high levels.
As a percentage of GDP, net debt rose to 62% the highest on record
while net borrowing as a percentage of GDP hit 10.87% the highest since
records began in 1954/55.
–London bureau: 00 44 207 634 1655; email: drobinson@marketnews.com
[TOPICS: MT$$$$,M$B$$$,MABDS$]
