Government spending figures released by the Office for National Statistics and the Treasury suggest Gordon Brown's budget is on track to marginally beat the deficit target announced at the time of the Pre-Budget Report, the Institute for Fiscal Studies says.
The latest monthly figures suggest central government receipts were 5.3% higher in February than in the same month last year, while the improvement over the full year and the four months between December-March stands at 7.4% compared to the similar year-earlier periods. Government spending and investment continue to increase, but the IFS says the latest receipts figures should enable the Treasury to stay within its spending targets. A lot will be riding on the size of the deficit for the full year set to be announced by Brown in Wednesday’s Budget speech. Currently on track for a £9bn...
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