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Press Release
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IFS analysis of the February 2013 public
finance figures
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London WC1E 7AE
Yesterday the Office for National Statistics and HM Treasury published
Public Sector Finances February 2013. We now have details of central
government receipts, central government spending, public sector net
investment, borrowing and debt for the first eleven months of financial year
2012−13.
Embargo
For immediate release
Friday 22 March 2013
The figures shown in the table illustrate how receipts and spending in
February 2013, and over the eleven months April 2012 to February 2013,
compare to receipts and spending over the same period in 2011–12. These
are also compared to the growth for the year as a whole forecast by the Office
for Budget Responsibility (OBR) in their March 2013 Economic and Fiscal
Outlook. The final column of the table illustrates how much higher/lower
spending and receipts in March 2013 would need to be than they were in
March 2012 in order for the OBR forecasts for the year as a whole to prove
correct.
Contact
Rowena Crawford, Carl
Emmerson or Gemma
Tetlow
Institute for Fiscal Studies
020 7291 4800
Table: Receipts and spending in 2012–13 compared to 2011–12
February
% change on previous year
April to
Full year forecast:
February
Budget 2013
0.4
1.0
Implied
March
2.7
Central government
2.5
current receiptsa
of which:
Accrued income tax,
2.5
1.0
0.5
capital gains tax and
NICs
Accrued VAT
1.8
2.1
–b
Cash Corporation tax
27.5
–8.1
–6.8
Central government
-1.4
2.4
2.0
current spending
of which:
Net social benefits
–0.2
5.4
5.9
Debt interest payments
2.9
–5.8
–2.5
Otherc
–2.4
2.0
0.8
Public sector net
11.0
–6.9
–15.1
investmentd
a Central government current receipts are adjusted for the effects of the
closure of the Special Liquidity Scheme, and transfers associated with the
Asset Purchase Facility.
b The OBR does not publish a forecast for central government accrued VAT
receipts in its Economic and Fiscal Outlook.
c Other central government current spending includes spending by Whitehall
departments on the administration and delivery of public services.
d Public sector net investment is adjusted for the effects of the Royal Mail
Pension Fund and the receipts from the sale of 4G spectrum licences.
–4.7
IFS public finance
bulletins are generously
supported by the
Economic and Social
Research Council.
The analysis is based on IFS
calculations and does not
reflect the views of the
ESRC.
–b
90.4
–15.8
11.5
80.4
–10.2
–40.3
Director:
Paul Johnson
Research Director:
Richard Blundell
The Institute for Fiscal Studies
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Registered in England: 954616
7 Ridgmount Street
London
WC1E 7AE
Registered Charity: 258815
VAT no: GB 394 5830 17
Further information and contacts
For further information on today’s public finance release please contact:
Rowena Crawford, Carl Emmerson or Gemma Tetlow on 020 7291 4800, or
email rowena_c@ifs.org.uk, carl_emmerson@ifs.org.uk or gtetlow@ifs.org.uk.
Next month’s public finances release, which will provide the first estimates of
spending and revenues for the entirety of the 2012–13 financial year, is due to
be published on Tuesday 23rd April.
Relevant links:
This, and previous editions of this press release, can be downloaded from
http://www.ifs.org.uk/publications/browse?type=pf
Office for National Statistics & HM Treasury, Public Sector Finances, February
2013: http://www.ons.gov.uk/ons/rel/psa/public-sector-finances/february2013/index.html
IFS analysis of Budget 2013 can be found at:
http://www.ifs.org.uk/projects/415
HM Treasury Budget 2013: http://www.hm-treasury.gov.uk/budget2013.htm
Office for Budget Responsibility’s Economic and Fiscal Outlook – March 2013:
http://budgetresponsibility.independent.gov.uk/economic-and-fiscaloutlook-march-2013/
HM Treasury, Public Finance Statistics Index:
http://hm-treasury.gov.uk/psf_statistics.htm
ENDS
Notes to Editors:
1. Central government current spending includes depreciation.
2. Where possible we compare figures on an accruals basis with the Office for
Budget Responsibility forecast.
IFS hosts two ESRC Research Centres.
The Institute for Fiscal Studies
Limited by Guarantee,
Registered in England: 954616
7 Ridgmount Street
London
WC1E 7AE