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Public Expenditure

Treasury written question – answered on 19th October 2012.

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Photo of Steve McCabe Steve McCabe Labour, Birmingham, Selly Oak

To ask the Chancellor of the Exchequer what the UK's budget deficit was in each financial year from 2008 to date; and what the estimated budget deficit for each subsequent year up to 2016 will be.

Photo of Sajid Javid Sajid Javid The Economic Secretary to the Treasury

The Public Sector Net Borrowing (PSNB) outturn figures for 2008-09 to 2011-12 are set out in the monthly Public Sector Finance (PSF) bulletin, which is published by the Office for National Statistics.

The Office for Budget Responsibility's (OBR) March 2012 Economic and Fiscal outlook sets out the forecast numbers for PSNB for 2012-13 to 2016-17. These numbers are set out in the following table.

Public sector net borrowing
Percentage of GDP
  Year PSNB
Outturn (PSF release August 2012) 2008-09 6.8
  2009-10 11.2
  2010-11 9.5
     
Forecast OBR March 2012 2011-12 8.3
  2012-13(1) 7.6
  2013-14 5.9
  2014-15 4.3
  2015-16 2.8
  2016-17 1.1
(1) PSNB excluding the effects of the Royal Mail transfers.

The OBR will publish an updated forecast alongside the autumn statement on 5 December 2012.

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