BREAKING NEWS – Public Finances Post Huge Surplus
- Public sector net borrowing was -£11.4 billion (a repayment) in January 2013; this is a £5.0 billion higher net repayment than in January 2012, when net borrowing was -£6.4 billion (a repayment).
- Public sector current budget surplus was £14.9 billion in January 2013; this is a £5.1 billion higher surplus than in January 2012, when there was a surplus of £9.8 billion.
- For the period April 2012 to January 2013, public sector net borrowing (excluding the capital payment recorded as part of the Royal Mail Pension Plan transfer in April 2012) was £93.8 billion; this is £1.5 billion higher net borrowing than in the same period the previous year, when net borrowing was £92.3 billion.
- January 2013 public sector net borrowing and public sector current budget figures include the first cash transfer from the Bank of England Asset Purchase Facility Fund to Government of £3.8 billion, which took place on 7 January 2013.
- Public sector net debt was £1,162.8 billion at the end of January 2013, equivalent to 73.8% of gross domestic product (GDP).
- In 2011/12, public sector net borrowing was £121.0 billion; this is £5.0 billion lower than the Office for Budget Responsibility (OBR) forecasted net borrowing for 2011/12 of £126.0 billion.
- Figures in this bulletin include for the first time the impact on the public sector finances of the reclassification of Northern Rock Asset Management (NRAM) and Bradford & Bingley to central government.