Public sector finances, UK: March 2018

 In news, updates

This bulletin presents the first provisional estimates of UK public sector finances for the complete financial year ending March 2018 (April 2017 to March 2018); these are not final figures and will be revised over the coming months as we replace our initial estimates with provisional and then final outturn data.

Public sector net borrowing (excluding public sector banks) decreased by £3.5 billion to £42.6 billion in the latest financial year (April 2017 to March 2018), compared with the previous financial year; this is the lowest net borrowing since the financial year ending March 2007.

The Office for Budget Responsibility (OBR) forecast that public sector net borrowing (excluding public sector banks) for the latest financial year (April 2017 to March 2018) would be £45.2 billion, that is, £2.6 billion more than the provisional estimate of £42.6 billion.

Public sector net borrowing (excluding public sector banks) decreased by £0.8 billion to £1.3 billion in March 2018, compared with March 2017; this is the lowest March net borrowing since 2004.

Public sector net debt (excluding public sector banks) was £1,798.0 billion at the end of March 2018, equivalent to 86.3% of gross domestic product (GDP), an increase of £71.2 billion (or 1.0 percentage point as a ratio of GDP) on March 2017.

Public sector net debt (excluding both public sector banks and Bank of England) was £1,590.1 billion at the end of March 2018, equivalent to 76.3% of GDP, a decrease of £17.9 billion (or 3.2 percentage points as a ratio of GDP) on March 2017.

Central government net cash requirement decreased by £27.5 billion to £39.5 billion in the latest financial year (April 2017 to March 2018), compared with the previous financial year; this is the lowest central government net cash requirement since the financial year ending March 2008.

As part of this, ONS is making announcements about the treatment of student loans in the National Accounts and the sale of the student loan book. These are discussed in the section of the bulletin that deals with recent events that may impact on public sector finances.

https://www.ons.gov.uk/releases/ukpublicsectorfinancesmar2018?utm_source=govdelivery&utm_medium=email

 

Recent Posts

Start typing and press Enter to search