How bad is the deficit really? We bring you all the data going back to the 1940s
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UK budget deficit and party in power. Click image to embiggen. Illustration: Mark McCormick/Finbarr Sheehy for the Guardian
How bad is Britain's deficit? The latest set of figures show that Britain's public finances showed a much smaller than expected deficit in February.
The Office for National Statistics said the public sector current budget deficit was £1.1bn in February - this is a £7.1bn lower deficit than the same time last year.
The Guardian writes today:
February's figures are flattered by a known £2.6bn transfer of cash from the Bank of England under a deal to return gilt interest to the government, and £2.3bn from the sale of next-generation mobile phone frequencies.
But underlying performance was also strong, with a drop in local government spending and stronger central government tax receipts.
Since the start of the tax year in April 2012, borrowing has totalled £94.9bn, excluding a one-off boost from the transfer of Royal Mail pension assets. This is 8.9% lower than at the same point in the 2011-12 tax year, and with one month left of the fiscal year, Osborne is in a strong position to meet his new full-year goal of borrowing no more than £114.5bn – just over 7% of GDP.
UK public debt
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We have the complete set of data on Government borrowing, all the way back to the 1940s. All political parties have faced their fair share of debt through the years - almost as if the economic climate has its own life independent of who is managing it.
What is the deficit? When the ONS talks about the deficit, they take a simple measure - the gap between what's coming into the government in taxes and receipts versus what's being spent. Most commentators look at net borrowing as the deficit figure, because it includes investment spending. It's different to the national debt - which is the total the country owes.
So last month the budget was in deficit. Here are the key facts for November - if you exclude the temporary effects of the financial interventions in the banks:
• Public sector net borrowing was £2.8bn in February 2013; this is a £9bn lower net borrowing than in February 2012, when net borrowing was £11.8bn.
• Public sector current budget deficit was £1.1bn in February 2013; this is a £7.1bn lower deficit than in February 2012, when there was a deficit of £8.1bn.
• For the period April 2012 to February 2013, public sector net borrowing (excluding the effects of the Royal Mail Pension Plan transfer in April 2012 and the transfers from the Bank of England Asset Purchase Facility) was £101.3bn; this is £2.9bn lower net borrowing than in the same period the previous year, when net borrowing was £104.2bn.
• February 2013 public sector net borrowing (PSNB ex) was reduced by £2.7bn as a result of cash transfers from the Bank of England Asset Purchase Facility Fund to Government and by £2.3bn as a result of proceeds from the 4G spectrum auction.
• Public sector net debt was £1,161.5bn at the end of February 2013, equivalent to 73.5% of gross domestic product (GDP).
• In 2012/13, public sector net borrowing and public sector current budget deficit are reduced by £6.4bn as a result of cash transfers from the Bank of England Asset Purchase Facility Fund to Government.
• In 2012/13, public sector net borrowing and public sector net investment are reduced by £28bn as a result of the transfer of the Royal Mail Pension Plan in April 2012.
The ONS data below shows monthly, quarterly and annual debt and deficit - what can you do with it?
