–Apr PSNB Stg9.955bn vs Stg8.826bn in Apr 09; Median Stg10.5bn
–Apr PSNCR Stg8.847bn vs Stg4.893bn in Apr 09; median Stg6.0bn
–Apr current budget -Stg9.273bn vs -Stg7.6bn in Apr 09
LONDON (MNI) – Public Sector Net Borrowing hit a record level for
the month in April, although upward revisions to receipts growth means
borrowing in the last fiscal year was revised down sharply, according to
figures released by National Statistics Friday.
Public sector borrowing stood at Stg9.955 billion in April, up from
Stg8.826 billion in the same month a year earlier, the highest outturn
for an April on record, albeit broadly in line with the median forecast
of Stg10.5 billion.
There was, however, a sharp downward revision to borrowing in March
to Stg17.973 billion from an originally estimated Stg23.5 billion
outturn.
National Statistics said that this was mainly due to higher
receipts growth than previous reported. This was due to higher receipts
in April which was then accrued to earlier months — mainly March.
National Statistics said that it was possible that recent higher
receipts growth was due to the recovery in the economy.
The revisions means that borrowing now stands at Stg145 billion for
2009/10 below the last Budget forecast from then Chancellor Darling of
Stg156 billion.
Current receipts growth were up 7.2% on the year in April against
current spending growth of 6.5%.
New Chancellor George Osborne has pledged to make Stg6 billion in
cuts to public spending on Monday next week.
The Public Sector Net Cash Requirement stood at Stg8.847 billion in
April, up from Stg4.893 billion in April 2009, above the median forecast
of Stg6 billion.
The current budget deficit hit a record Stg9.273 billion for the
month of April, up from Stg7.6 billion in April 2009.
As a percentage of GDP, net debt rose to 62.1% in April, up from
53.9% in the same month a year earlier.
–London bureau: 00 44 207 634 1655; email: drobinson@marketnews.com
[TOPICS: MT$$$$,M$B$$$,MABDS$]
