Annex A to Chapter 4Further analyses of the public finances4A.1 This Annex contains a number of further analyses of the forecasts of the public finances in 1994-95 and 1995-96. There are also two tables which set out historical series for the PSBR and its main components, including general government expenditure (GGE), excluding privatisation proceeds, and general government receipts.4A.2 The following analyses are included: (i) General government receipts - further tax -by-tax details of the forecasts for 1994-95 and 1995-96 (Table 4A.1); (ii) Sectoral breakdown of PSBR forecasts for 1994-95 (Table 4A.2); (iii) Central government transactions on a cash basis - forecasts for 1994-95 and 1995-96 (Table 4A.3); (iv) Economic category analyses of local authority and public corporations transactions (Tables 4A.4 and 4A.5); (v) A full analysis of receipts and expenditure by economic category for 1994-95 and 1995-96 (Table 4A.6); (vi) Changes to PSBR forecasts for 1994-95 and 1995-96 since the last Budget and since the Summer Economic Forecast (Table 4A.7); (vii) Historical series for the PSBR and its main components (Tables 4A.8 and 4A.9). General government receipts [See printed copy for table] Borrowing by sector4A.3 Central government borrowing on its own account (ie excluding borrowing for on-lending to local authorities and public corporations) more than accounted for the total PSBR in 1993-94 and is expected to do so again in 1994-95. Central government borrowing on own account in the first seven months of 1994-95 was £7.0 billion lower than in the same period of 1993-94. The forecast for 1994-95 as a whole implies borrowing in November to March which is £4 1/2 billion lower than in the same period last year.[See printed copy for table] 4A.4 Local authorities made a net repayment of £2.8 billion in 1993-94, but a smaller repayment is forecast for 1994-95. Public corporations' borrowing was £0.2 billion in 1993-94; the forecast for 1994-95 is for a repayment of £1 3/4 billion. Central government transactions on a cash basis4A.5 The monthly outturn figures for central government borrowing are measured from the cash flows into and out of central government's funds and accounts, after consolidation. Table 4A.3 sets out the 1993-94 outturn and 1994-95 and 1995-96 forecasts for central government borrowing in terms of this cash flow presentation.[See printed copy for table] Public finances by economic category4A.6 Table 4A.6 shows a full analysis of receipts and expenditure by economic category, with a breakdown between central government, local authorities and public corporations. Annex B explains the conventions used, which follow in most respects those in the UK national income and expenditure accounts.4A.7 The table makes the assumption that the Reserve for 1995-96 is spent entirely on transactions that fall above the financial deficit line, although in practice allocations from the Reserve can also affect financial transactions. The Reserve for 1995-96 has been further apportioned between current and capital expenditure, on the basis of the experience of past outturns. A working assumption has been made that all of the Reserve will be spent by general government, in order to produce the projections of the general government financial deficit (GGFD) shown in Table 4.2, and the gross general government debt projections in Table 4.3. There is, however, no apportionment of the Reserve in Table 4A.6 between central government and local authorities. 4A.8 Tables 4A.4 and 4A.5 summarise the information on local authorities and public corporations transactions in Table 4A.6, and also provide outturn figures for 1993-94. [See printed copy for table] [See printed copy for table] [See printed copy for table] [See printed copy for table] Changes to forecasts4A.9 Table 4A.7 provides detail of changes to the public finance forecasts for 1994-95 and 1995-96 since the last Budget and since the Summer Economic Forecast. Previous forecasts have been adjusted for subsequent classification changes (see Annex A to Chapter 6, paragraph 6A.7). Full tax-by-tax details of the effects of the Budget measures are set out in Table 5.1, and a breakdown of the Control Total changes by department is shown in Table 6.5.[See printed copy for table] Historical series for the PSBR and its main components4A.10 Table 4A.8 sets out historical series for the PSBR and its main components, including GGE excluding privatisation proceeds, as shown in Chart 4.4. Table 4A.9 shows further details for government receipts, including the historical series for total taxes and social security contributions, shown in Chart 4.3.[See printed copy for table] [See printed copy for table]
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