The LABR for the first three months of 1996-7 was £1.4bn, compared with £0.7bn in the same period last year.
The LABR for 1995-6 has been revised to minus £1.1bn (ie a net repayment), and the PCBR for the same period has been revised to minus £2.3bn (ie a net repayment). This is due to better information on the commutation of debt owed to the New Towns Commission by local authorities arising from their aquisition of new town housing stock. January's PSBR remains unchanged.
Provisional estimates of the public sector borrowing requirement show that:
-- PSBR for the first three months of 1996-7 was £10.7bn compared with £11.3bn in 1995-6
-- May's PSBR has been revised upwards by £0.3bn, from £3.2bn to £3.6bn
-- January's LABR has been revised downwards by £0.7bn to minus £0.9bn (ie a net repayment). January's PCBR has been revised upwards by £0.7bn to minus £0.3bn (ie a net repayment)
The PSBR for January remains unchanged.