Dave says we’re headed in the right direction, what do you think?


PM David Cameron claims we are ‘headed in the right direction’. Below are the latest headline figures from the Office of National Statistics website on the state of our national finances (so all their words, not mine, I’ve just added a few helpful highlights):

Latest figures (Nov 2011)

  • Public sector net borrowing was £17.5 billion in November 2012; this is £1.2 billion higher net borrowing than in November 2011, when net borrowing was £16.3 billion.
  • Public sector current budget deficit was £15.8 billion in November 2012; this is a £1.0 billion higher deficit than in November 2011, when there was a deficit of £14.8 billion.
  • For the period April to November 2012, public sector net borrowing (excluding the capital payment recorded as part of the Royal Mail Pension Plan transfer in April 2012) was £92.7 billion; this is £8.3 billion higher net borrowing than in the same period the previous year, when net borrowing was £84.4 billion.
  • In 2011/12, public sector net borrowing was £121.6 billion; this is £4.4 billion lower than the Office for Budget Responsibility (OBR) forecasted net borrowing for 2011/12 of £126.0 billion.
  • Public sector net debt was £1083.6 billion at the end of November 2012, equivalent to 68.5% of gross domestic product (GDP).

As far as I can see the only ‘positive’ in this is that public sector net borrowing was less than the OBR forecast, but it was still higher than the previous year.

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About Colin Talbot

Professor of Government at the University of Manchester, England.
This entry was posted in Accountability, Political Economy, Politics, Spending, Whitehall. Bookmark the permalink.

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