Public sector net borrowing came in at £16.7bn in March including bank interventions, versus expectations of £14bn. Excluding interventions borrowing stood at £15.1bn versus expectations of £15.5bn, lower than £16.7bn last year.
So with all the effort and assuming the distortions are removed correctly the UK2012/13 deficit improved by £300 million. Is that it?— Shaun Richards (@notayesmansecon) April 23, 2013
In the ONS's words, the deficit this year was "similar in level to last year’s borrowing". After all £300m is barely a rounding error— Ed Conway (@EdConwaySky) April 23, 2013
Tax revenue fell by 5.7 per cent while spending fell by 4.7 per cent. The deficit narrowed to £120.6bn.
Key fact from Pub borrowing numbers - deficit this year LOWER than last yr after removing distortions: £120.6bn vs £120.9bn in 11/12— Ed Conway (@EdConwaySky) April 23, 2013