Public Sector
October: £7.7bn current budget deficit
Cumulative public sector finance and net debt
The public sector showed a deficit on current budget of £7.7 billion in October 2009, compared with a surplus of £2.2 billion in October 2008.
More generally, the public sector recorded deficits between 1991/92 and 1997/98 before moving into surplus in 1998/99. Deficits have been recorded since 2002/03.
An alternative measure of the public sector fiscal position is public sector net borrowing. This additionally takes account of capital investment. In October 2009, there was net borrowing of £11.4 billion, which compares with borrowing of £0.1 billion in October 2008. The Budget forecast for 2009/10 is net borrowing of £175 billion.
Public sector net debt, expressed as a percentage of gross domestic product (GDP), was 59.2 per cent at the end of October 2009 compared with 48.6 per cent at end of October 2008. Net debt was £829.7 billion at the end of October compared with £695.1 billion a year earlier.
Public sector net debt (excluding financial sector interventions) was £681.1 billion (equivalent to 48.7 per cent of GDP) at the end of September 2009. This compares to £562.4 billion (39.2 per cent of GDP) as at the end of September 2008.
Source: Office for National Statistics
Notes: The format summarises the public sector finances presentation in the Budget Report 2009 (HM Treasury, 22 April 2009). The statistics are used to monitor progress against the Government's key fiscal rules.
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Public Sector Finances Press release