UK public sector net borrowing falls to £12.7B in May from £15.6B a year ago, increases to £118.8B for full fiscal year from £118.5B in previous fiscal year: Office for National Statistics

Cindy Allen

LONDON , June 21, 2013 (press release) – Latest figures

• This bulletin contains the third estimates of outturn for the 2012/13 public sector finances and the first estimates for May 2013. These estimates are updated throughout the year as finalised data are received from public sector bodies.
• In 2012/13, public sector net borrowing excluding temporary effects of financial interventions and also excluding the effects of the transfer of the Royal Mail Pension Plan and the transfers from the Bank of England Asset Purchase Facility Fund was £118.8 billion. This is similar in level to 2011/12.
• In 2012/13, public sector net borrowing excluding temporary effects of financial interventions (PSNBex) was £85.0 billion. This is £33.5 billion lower than in 2011/12 when it was £118.5 billion.
• Since last month’s publication, 2012/13 public sector net borrowing has been revised down by £0.1 billion and 2011/12 public sector net borrowing down by £2.4 billion due to methodological and data improvements implemented this month.
• In May 2013, public sector net borrowing excluding temporary effects of financial interventions and also excluding the effects of the transfers from the Bank of England Asset Purchase Facility Fund was £12.7 billion. This compares to a public sector net borrowing in May 2012 of £15.6 billion.
• In May 2013, public sector net borrowing excluding temporary effects of financial interventions (PSNBex) was £8.8 billion. This is £6.9 billion lower than in May 2012 when it was £15.6 billion.
• In May 2013, public sector net borrowing excluding temporary effects of financial interventions (PSNB ex) has been reduced by £3.9 billion from transfers from the Bank of England Asset Purchase Facility Fund and by £3.2 billion from retrospective tax payments by Swiss banks.
• Public sector net debt ex temporary effects of financial interventions (PSND ex) was £1,189.2 billion at the end of May 2013, equivalent to 75.2% of gross domestic product (GDP).

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