18 October 2001, 13:10  UK Sept PSNCR 3.87 bln stg deficit vs revised 226 mln Aug surplus

LONDON (AFX) - There was a public sector net cash requirement (PSNCR) deficit of 3.87 bln stg in September, compared with an upwardly revised surplus of 226 mln stg the month before, and a 8.733 bln surplus in the same month a year ago, according to provisional data released by National Statistics.
The AFX News median of analysts' forecasts was for an August deficit of 1.9 bln stg.
In his March 7 budget, Chancellor of the Exchequer Gordon Brown forecast a public sector net borrowing (PSNB) surplus of 5 bln stg for the fiscal year to March 2002, which compares with an 18.4 bln stg surplus recorded in the fiscal year to March 2001.
PSNB -- the government's preferred measure of the public sector's financial position -- stood at 668 mln stg in September, compared with -165 mln in the same month a year earlier.
Public sector net debt outstanding at the end of September amounted to 307.9 bln stg, equivalent to 31.1 pct of GDP.
A breakdown of the data revealed that total cash receipts in September were at 24.3 bln stg compared with 35.4 in the same month the year before, representing a fall of 31.6 pct.
Total inland revenue receipts were at 8.3 bln stg in September from 10.7 bln in September last year. Within this, income tax receipts were at 6.5 bln stg, up from their September 2000 level of 6.4 bln stg. Customs and excise duties were at 7.4 bln stg, higher than their September 2000 level of 6.6 bln stg. Within this, VAT receipts rose to 3.7 bln stg from 3.6 in September last year.
Cash outlays were at 27.8 bln stg, representing a 4.4 pct rise from the 26.6 bln stg level in September last year. Net departmental outlays were at 25.6 bln stg, up 0.4 pct from 25.5 bln stg during the same month last year.

PUBLIC SECTOR FINANCES BREAKDOWN

All figures are in bln stg unless otherwise stated

PSNCR PSNCR PSNCR Net Net
(FY to date) (ex-privat- borrowing borrowingisation) (cumulative)

2001 Sep 3.870 0.5 3.870 0.668 0.6

AFX News median of analysts' forecasts:

Median 1.9

2001
Aug -0.226 -3.4 -0.226 -0.188 0.8
July -9.443 -3.2 -8.767 -4.463 1.3
June 8.044 6.3 8.044 2.658 5.5
2000 Sept -8.733 -28.4 -8.733 -0.165 -2.9

PUBLIC SECTOR NET CASH REQUIREMENT - COMPONENTS

Sept Sept FY to Sept FY to Sept
pct
2000 2001 2000 2001
change Inland revenue
Income tax 6.4 6.5 47.8 49.5 3.6
Corporation tax 1.7 1.2 12.3 13.5 10.1
Total 10.7 8.3 67.0 68.1 1.6

Customs and excise
VAT 3.6 3.7 28.6 29.8 4.3
Total 6.6 7.4 51.0 51.7 1.3

Social security contributions 4.5 4.9 28.8 30.9 7.1
Interest and dividends 1.5 1.5 4.3 4.8 11.6
Other receipts 12.1 2.1 34.1 10.9 -67.9
TOTAL RECEIPTS 35.4 24.3 185.3 166.4 -10.2

Interest payments 1.2 2.2 12.1 11.8 -3.1
Privatisation proceeds - - -0.1 -0.7 556.3
Net departmental outlays 25.5 25.6 145.2 156.4 7.7

TOTAL CASH OUTLAYS 26.6 27.8 157.3 167.5 6.5

CGBR (Own Account) -8.8 3.6 -28.0 1.0 n/a
LABR -0.5 -0.5 -0.5 -0.8 n/a
PCBR 0.5 0.8 0.1 0.2 n/a

PSNCR -8.7 3.9 -28.4 0.5

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