City hails public finance figures
Wednesday 17 March 1999
The Public Sector Net Cash Requirement (PSNCR) showed a surplus of pounds 1.5bn in February, taking the cumulative surplus for the first 11 months of the financial year to pounds 15.1bn. The Budget estimated the full-year surplus would be pounds 5.2bn.
Although March has traditionally seen a big deficit because of an end- of-year spending surge, this pattern has been less pronounced in recent years. Many analysts are therefore predicting a bigger surplus of pounds 8-10bn.
However, the Treasury downplayed these hopes yesterday, suggesting the pattern of public spending could be reverting to the traditional profile.
Even so, yesterday's figures clearly show the public sector's healthy financial position. Net borrowing was in surplus by pounds 1.1bn in February, taking the cumulative total to pounds 8.7bn compared with pounds 3.3bn at the same stage last financial year.
Income tax receipts were buoyant in February thanks to self-assessment. But Customs & Excise receipts have fallen since the new year.
Government expenditure is accelerating as the year-end approaches, from April to February, running pounds 6bn higher than the first 11 months of 1997/98.
- 1 Which country would be hardest to invade?
- 2 The man who filmed the Freddie Gray video has been arrested at gunpoint
- 3 Indonesia executions: Death row British grandmother Lindsay Sandiford will refuse to wear a blindfold when she faces firing squad
- 4 How the language you speak changes your view of the world
- 5 Royal baby girl born: Duchess of Cambridge's second child will be a princess thanks to Queen
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: SNP and its activists 'openly racist' towards the English, Farage says
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
iJobs Money & Business
£16000 - £18500 per annum: Recruitment Genius: This is an excellent opportunit...
£24000 - £28000 per annum: Recruitment Genius: A Senior SEO Executive is requi...
£16000 - £18000 per annum: Recruitment Genius: An Online customer Service Admi...
£18000 - £22000 per annum: Recruitment Genius: This global, industry leading, ...