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LOCAL AUTHORITIES BORROWING REQUIREMENT 97-98: -£900M

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The local authorities borrowing requirement (LABR) is provisionally estimated to have been£0.2bn in March, as it w...
The local authorities borrowing requirement (LABR) is provisionally estimated to have been£0.2bn in March, as it was in the same period last year. The LABR for financial year 1997-8 was minus£0.9bn (ie a net repayment), compared with a net repayment of£0.8bn in 1996-7.

Provisional estimates of the public sector borrowing requirement (PSBR) show that:

- PSBR in March 1998 was£7.2bn

- PSBR for financial year 1997-8 was£0.9bn compared with£22.7bn in 1996-7

- February's PSBR has been revised by£0.2bn from minus£1.9bn to minus£2.1bn. The public corporations borrowing requirement (PCBR) has been revised by£0.3bn from minus£0.2bn to minus£0.5bn

- PSBR excluding privatisation proceeds was£7.2bn in March and£2.7bn for financial year 1997-8 compared with£27.1bn in 1996-7

Central government

The central government own account borrowing requirement (CGBR(O)) was #5.6bn in March and #2.6bn for financial year 1997-8, compared with #24.9bn in 1996-7. Excluding privatisation proceeds, CGBR(O) was #5.6bn in March and #4.3bn for financial year 1997-8, compared with #29.3bn in 1996-7 (a decrease of #25.0bn).

Special factors

March PSBR was reduced by #1.0bn from the sale of part of the Student Loans Book. The transactions reduced net departmental outlays (NDO's).

Public corporations

The public corporations borrowing requirement (PCBR) is provisionally estimated to have been #1.4bn in March, compared with #1.3bn in the same period last year. The PCBR for financial year 1997-8 was minus #0.7bn (ie a net repayment), compared with a net repayment of #1.4bn in 1996-7.

Next month

April PSBR will include the receipt of #1/4bn from the transfer of ownership and management of department of social security buildings under the private sector resource initiative for the Management of the Estate (PRIME). This will reduce net departmental outlays (NDO's).

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