UK public finances saw deficit in July – ONS

The Office for National Statistics (ONS) reported a £62m deficit in July, compared to a £823m surplus the previous year.

The news comes as a surprise, after analysts had been prepared for another surplus and those figures are likely to raise questions.

The ONS bulletin contains the fifth estimates of outturn for the 2012/13 public sector finances and the first estimates for July 2013.

As the report shows, in 2012/13, public sector net borrowing excluding temporary effects of financial interventions and also excluding the effects of the transfer of the Royal Mail Pension Plan and the transfers from the Bank of England Asset Purchase Facility Fund was £116.5bn. This was £2.0bn lower
than in 2011/12.

In July 2013, of the £5.3bn transfered from the Bank of England Asset Purchase Facility Fund to HMT Treasury £0.4bn reduced the public sector net borrowing excluding temporary effects of financial interventions (PSNB ex).

Click here to read full report.

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