–OBR Forecasts 2010-11 PSNB Stg146bn vs Stg148.5bn
–OBR Forecasts 2011-12 PSNB Stg122bn vs Stg117bn
–OBR Forecasts 2012-13 PSNB Stg101bn vs Stg91bn
–OBR Forecasts 2013-14 PSNB Stg70bn vs Stg60bn
–OBR Forecasts 2014-15 PSNB Stg46bn vs Stg35bn
LONDON (MNI) – The UK’s Office for Budget Responsibility has raised
its Public Sector Net Borrowing forecast for 2011-12 to Stg122 billion,
up from the Stg117 billion set out in November 2010, Chancellor of the
Exchequer George Osborne revealed as part of his Budget.
In November, the OBR forecast Public Sector Net Borrowing excluding
financial sector interventions for 2010-11 at stg148.5 billion, which
has now been revised down to Stg146 billion.
“Borrowing to fund the deficit this year is now set to come in at
stg 146 billion, below target. Then fall to stg122 billion next year,”
Osborne said.
The OBR had previously forecast that borrowing in 2011/12 would
come in at Stg117 billion.
“Then stg 101 billion the year after. Then stg 70 billion in
2013-14. Then 46 billion. And stg 29 billion by 2015-16,” Osborne added.
“Inflation has had its impact but crucially the OBR assess that
next year’s structural deficit remains the same as forecast last
November. In other words, the size of the task of repairing Britain’s
finances is unchanged,” Osborne said.
Osborne said that national debt as a percentage of GDP is forecast
to come in at 60% in 2010/11 before peaking at 71% and then falling to
69% by the end of the forecast horizon.
–London newsroom: 4420 7862 7492; email: ukeditorial@marketnews.com
[TOPICS: M$B$$$,MFB$$$,MABDS$,MT$$$$,MFBBU$]
