- Prior 13.414bn. Revised to 11.728bn
- Ex-financials 13.116bn vs 9.700bn exp. Prior 14.065bn. Revised to 12.379bn
- PSNCR 21.408bn vs 6.698bn prior. Revised to 7.096bn
The numbers this month have been skewed by a higher than usual contribution to EU budgets (2.9bn), (probably Cameron paying off that bill that he swore blind he’d never pay).
It’s sent the debt to GDP to the highest level ever at 80.9%. On the positive side, tax receipts rose with income tax +2.1% y/y and corp tax +10.0% y/y. Vat was down 0.9% y/y
UK PSNB details 22 01 2015
For the election mob that’s going to be fodder for the opposition and Osborne is looking way out with his new targets for his budget numbers. The first quarter of the year is usually good for the country’s income as a lot of people have to pony up their taxes by the end of January. He’ll need a super duper amount to get the finances on track for his targets though.
UK PSNB 22 01 2015
