Michael Burton 20 July 2018

Public finances perform better than expected

The public finances continue to perform better than expectations, although total borrowing is up year-on-year even before the promised increase in health spending, according to the latest figures from the Office for National Statistics.

Borrowing in the latest full financial year (April 2017 to March 2018) was the lowest for 11 years, making the deficit 1.9% of GDP compared to a peak of 10% in 2009/10.

The public sector borrowed £39.4bn last year, £6.3bn less than in the previous financial year (2016/17) and £5.8bn less than Office for Budgetary Responsibility predictions.

Of this total, £40.6bn was borrowing for capital spending on infrastructure while borrowing for day to day revenue activities was actually in surplus by £1.3bn for the first time since 2002.

However, total debt excluding public sector banks was £1,792.3bn at the end of June, equivalent to 85.2% of GDP, an increase of £33bn on June 2017 and the public sector continues to borrow, albeit at a reducing rate.

So far in this financial year, the public sector has borrowed £16.8bn, which is £5.4bn less than in the same period in 2017.

Again, this represents the lowest year-to-date borrowing for 11 years.

Of the £16.8bn borrowed by the public sector, £19.4bn was borrowed by central government while local government borrowing was in surplus by £2.9bn.

In June borrowing was £5.4bn.

For this financial year the OBR expects the public sector to borrow £37.1bn.

SIGN UP
For your free daily news bulletin
Highways jobs

Trading Standards Officer

Essex County Council
£39618.0000 - £46609.0000 per annum
We're open to a chat about flexible or part time working. No promises, but we would still like to hear from you if you would like to discuss potentia England, Essex, Chelmsford
Recuriter: Essex County Council

Assistant Finance and Business Development Manager

London Borough of Richmond upon Thames and London Borough of Wandsworth
£38,976 - £49,365 per annum
Job Title
Recuriter: London Borough of Richmond upon Thames and London Borough of Wandsworth

Senior Occupational Health Advisor

Durham County Council
£44,075 to £48,226 p.a. (Grade 12) pay award pending
Due to increased service demand we have an exciting opportunity for an additional Senior Occupational Health Nurse to join our well-established in-hou Durham
Recuriter: Durham County Council

Social Worker

Durham County Council
£35,412 - £39,152 / £40,777- £45,091 pro rata i.e. grade 9 pre progression/grade 11 post progression
We seek a full-time, permanent Social Worker who is calm under pressure and passionate about improving the lives of service users. WHAT IS INVOLVED? Durham
Recuriter: Durham County Council

Young Person's Advisor

Durham County Council
Grade 8 - £32,597 - £36,363
X1 Young Person’s Advisor – Full-Time (Temporary for 12 months) An exciting opportunity has become available within the Unaccompanied Asylum-Seeking Spennymoor
Recuriter: Durham County Council
Linkedin Banner