WIREDGOV

Key Points

• Public sector net borrowing excluding financial interventions (PSNB ex) was in deficit by £0.2 billion in July 2014, £0.8 billion lower than July 2013. This year and last year include payments of £0.5 billion from the Bank of England Asset Purchase Facility Fund (APF).
• Excluding APF transfers from net borrowing, July 2014 was in deficit by £0.8 billion and July 2013 was £1.6 billion.
• The cumulative year to date borrowing figures provide a better indication of the progress of the public finances than the individual months. Public sector net borrowing (PSNB ex) for April to July 2014 was £32.4 billion compared with £23.0 billion for April to July 2013, an increase of £9.4 billion. However, higher APF transfers in 2013/14 partly explain this increase.
• Excluding APF transfers from public sector net borrowing, April to July 2014 was £37.0 billion compared with £35.2 billion for April to July 2013, an increase of £1.8 billion.
• The central government net cash requirement (CGNCR) for April to July 2014 was £29.5 billion, £11.8 billion higher than the same period in 2013/14 (£17.7 billion). Larger APF payments in 2013/14 than 2014/15 explain most of this difference.
• July 2014 public sector net debt excluding financial interventions (PSND ex) was £1,299.4 billion (76.5% of gross domestic product), an increase of £97.8 billion compared with July 2013.
• The release includes a new table providing information on factors influencing the public sector finances since 2000. Important presentational and data changes are taking place in this bulletin next month. A table showing the impact of these changes is included.