Abstract
There has been a marked improvement in the UK's public finances. Estimates of PSNBX (public sector net borrowing excluding financial interventions) for 2012–13 are now £5bn lower than the OBR's forecast at the time of the Budget. Additionally the first five months of the financial year have seen PSNBX (excluding the impacts of the transfer of the Royal Mail pension fund and the repatriation of the proceeds from the Bank of England's Asset Purchase Facility) decline by almost £4bn compared to the same period a year earlier. Therefore, even if there is no improvement in the public finances for the rest of the year, the government is well on track to undershoot the OBR's full‐year public borrowing forecast of £119.8bn for 2013–14.…
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