LONDON (AFX) - There was a public sector net cash requirement deficit of 8.166 bln stg in June, compared with an upwardly revised deficit of 2.543 bln the month before, and a 7.038 bln deficit in the same month a year ago, according to provisional data released by National Statistics.
The AFX News median of analysts' forecasts was for a June deficit of 7.0 bln stg. In his March 7 budget, Chancellor of the Exchequer Gordon Brown forecast a PSNB surplus of 16.4 bln stg for the fiscal year to March 2002, which compares with an 8.7 bln stg surplus recorded in the fiscal year to March 2001.
Public sector net borrowing - the government's preferred measure of the public sector's financial position - stood at 3.497 bln stg in June, compared with 1.037 bln in the same month a year earlier. Public sector net debt outstanding at the end of June amounted to 313.4 bln stg, equivalent to 32.0 pct of GDP.
A breakdown of the data revealed that total cash receipts in June were at 22.9 bln stg compared with 22.7 bln in the same month the year before, representing a rise of 1.3 pct
Total inland revenue receipts were at 8.4 bln stg in June from 8.7 bln in June last year. Within this, income tax receipts were at 6.7 bln stg, up from their June 2000 level of 6.6 bln stg.
Customs and excise duties were at 7.4 bln stg, higher than their June 2000 level of 6.9 bln stg. Within this, VAT receipts rose to 4.0 bln stg from 3.9 in June last year.
Total cash outlays were at 30.9 bln stg, representing a 6.0 pct rise from the 29.2 bln stg level in June last year. Net departmental outlays were at 26.4 bln stg, up 9.0 pct from 24.3 bln stg during the same month last year.