Public Sector
December: £11.5bn current budget deficit
Graphs showing cumulative public sector finance and net debt
The public sector showed a deficit on current budget of £11.5 billion in December 2009, compared with a deficit of £11.1 billion in December 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 December 2009, there was net borrowing of £15.7 billion, which compares with borrowing of £13.8 billion in December 2008. The PBR forecast for 2009/10 is net borrowing of £178 billion.
Public sector net debt, expressed as a percentage of gross domestic product (GDP), was 61.7 per cent at the end of December 2009 compared with 51.7 per cent at end of December 2008. Net debt was £870.0 billion at the end of December compared with £733.9 billion a year earlier.
Public sector net debt (excluding financial interventions) was £740.6 billion (equivalent to 52.5 per cent of GDP) at the end of December 2009. This compares to £596.9 billion (42.1 per cent of GDP) as at the end of December 2008.
Source: Office for National Statistics
Notes: The format summarises the public sector finances presentation in the PBR 2009 (HM Treasury, 9 December 2009). The statistics are used to monitor progress against the Government's key fiscal rules.
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Public Sector Finances Press release