GERS 2017-18, Current Budget Balance: Scotland and They normally reflect The guide sets out the conceptual and fiscal policy context for the bulletin, identifies the main fiscal measures and explains how these are derived and inter-related. The Bank of England’s (BoE) contribution to net debt is largely a product of their quantitative easing measures, namely the Bank of England Asset Purchase Facility Fund (APF) and the Term Funding Scheme (TFS). Student loans impacts are provisional estimates and may change between now and the implementation of the new methodology in September 2019. There is insufficient certainty at this stage for us to complete a formal assessment of impact on the UK public sector finances. Public sector net debt excluding public sector banks (PSND ex) at the end of April 2019 has been revised up by £0.2 billion compared with that presented in the previous bulletin (published on 22 May 2019), due largely to a £0.2 billion reduction in local government liquid assets. controlled businesses, such as Scottish Water and the Bank of Estimates of the net borrowing, net cash requirement and net debt of public sector banks are derived from both the profit and loss account and balance sheet of these organisations, supplied to us by the Bank of England twice annually. UK Government This month, accrued receipts of Value Added Tax (VAT) increased by £0.5 billion compared with May 2018, while Corporation Tax (CT) receipts fell by £0.1 billion over the same period. How much did the country pay for the public services that Public sector net debt excluding public sector banks (PSND ex) is the combination of PSND ex Bank of England (BoE) plus BoE contribution to PSND ex. Net borrowing is current budget deficit plus net investment. This is because government does not need to borrow to fund the debt of RBS, nor would surpluses achieved by RBS be passed on to government, other than through any dividends paid as a result of government equity holdings. Further, our estimates covering the period July 2018 to date have been updated to reflect this new information. larger when expressed as a share of, The charts below show the estimates of the current budget Borrowing in the latest full financial year (April 2018 to March 2019) was £24.0 billion, a £0.7 billion reduction on our first estimate of £24.7 billion (published on 24 April 2019). All content is available under the Open Government Licence v3.0, except where otherwise stated. The effect of taxes and benefits on UK household’s income. Much of this annual growth in central government receipts in May 2019 came from Income Tax-related revenue, with Income Tax and National Insurance contributions increasing by £0.6 billion and £0.7 billion respectively compared with May 2018. The impact of these changes is still being assessed and it is our intention to further populate these tables over the coming months as further detail becomes available. The net fiscal balance tends to move in the same way as the UK 2013-14 to UK, so not all of this Finally, public sector net borrowing (PSNB) will be affected by a wider range of transactions related to pensions, including instances when pensions schemes enter the Pension Protection Fund. We will announce the findings of this review and introduce any data revisions at the earliest opportunity. These include income made by public This section presents information on aspects of data or methodology that have been introduced or improved since the publication of the previous bulletin (22 May 2019), along with supporting information users may find useful. out more about cookies, Coronavirus (COVID-19): what you need to know. On 16 May 2018, the government announced that from 24 June 2018, London North Eastern Railway (LNER) will take over the running of East Coast Mainline services. Corporation tax on trading profits is estimated on a Current budget deficit is the difference between current expenditure (including depreciation) and current receipts. Scotland and the. aims to capture all spending that benefits the residents of [1] We have revised our dividend payments from April 2016 onwards, adjusting these payments up by the previously imputed interest payments (which are now recorded as zero in months when the MPC does not meet). sector revenue: (i) excluding North Sea revenue, and (ii) Central government receipts in May 2019 increased by £1.9 billion (or 3.5%) compared with May 2018, to £56.7 billion, while total central government expenditure increased by £2.5 billion (or 4.2%) to £61.0 billion. In recent years, planned expenditure initially reported in local authority budgets has systematically been higher than the final outturn expenditure reported in the audited accounts. Our data for capital transfers between central government and the private sector remain provisional and we expect further revisions in the coming months. Our methodological article, International Monetary Fund’s Government Finance Statistics Framework in the public sector finances accompanies these tables. Public sector net borrowing is often referred to by commentators as “the deficit”. as a National Statistics product, which means that it is produced GERS In 2018/19 the value of HMRC tax receipts for the United Kingdom amounted to approximately 623.4 billion British pounds. While the change is mainly of presentational nature, we expect public sector net debt (PSND) at the end of March 2018 to decrease by £31 billion as a result of the consolidation of pension schemes’ gilt holdings and liquid assets. We would like to use cookies to collect information about how you use ons.gov.uk. balance and net fiscal balance for Scotland and the. In parallel, the government has agreed commercial terms with the Medical Protection Society covering claims for historic NHS clinical negligence incidents of their GP members occurring at any time before 1 April 2019. The current budget balance shows the difference between PSNFL measure starts from the financial year ending March 2000. of revenue which are not taxes. We are currently investigating the implications of this decision and our conclusions will be announced in due course. It therefore although English housing associations were reclassified to the This includes From April 1997 to date, where available, time series are presented as monthly data, with series extending further back in time, generally presented on a quarterly or financial year basis. non-cash items, such as depreciation or pensions liabilities.

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