Home Business News Big scars but public sector finances are recovering

Big scars but public sector finances are recovering

by LLB Editor
22nd Jun 21 2:34 pm

Public sector net borrowing (excluding public sector banks, PSNB ex) was estimated to have been £24.3 billion in May 2021; this was the second-highest May borrowing since monthly records began in 1993, £19.4 billion less than in May 2020.

Provisional May 2021 estimates of central government receipts were £56.9 billion, £7.5 billion more than in May 2020, while central government bodies spent £81.8 billion, £10.9 billion less than in May 2020, according to the Office for National Statistics.

Public sector net borrowing (PSNB ex) was estimated to have been £53.4 billion in the financial year-to-May 2021; this was the second-highest financial year-to-May borrowing since monthly records began in 1993, £37.7 billion less than in the same period last year.

Public sector net borrowing (PSNB ex) in the financial year ending (FYE) March 2021 was estimated to have been £299.2 billion, revised down by £1.1 billion from last month’s provisional estimate, but remains the highest borrowing since financial year records began in FYE March 1946.

Expressed as a ratio of gross domestic product (GDP), public sector net borrowing (PSNB ex) in FYE March 2021 was 14.3%, the highest such ratio since the end of World War Two, when it was 15.2% in FYE March 1946.

Public sector net debt (excluding public sector banks, PSND ex) was £2,195.8 billion at the end of May 2021 or around 99.2% of GDP, the highest ratio since the 99.5% recorded in March 1962.

Central government net cash requirement (excluding UK Asset Resolution Ltd and Network Rail) was £23.9 billion in May 2021, bringing the total for the financial year-to-May 2021 to £54.4 billion; the May figure was the second-highest May cash requirement since monthly records began in 1993, £39.2 billion less than in May 2020.

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