Headline            Comparisons
Central government            current receipts          in July were 3.5% higher than in the same month last year,          excluding the impact of transfers related to the Asset Purchase          Facility. Receipts over the four months April to July were 4.9%          higher than in the same months of 2012. The Office for Budget          Responsibility's (OBR's) forecast at the time of the March 2013          Budget implied that central government current receipts for the          whole of 2013–14 would be 3.0% above 2012–13 levels. 
Central government            current spending          in July was 3.7% higher than in the same month last year.          Spending over the four months April to July was 4.3% higher than          in the same months of 2012. The OBR's forecast at the time of          the March 2013 Budget implied that central government current          spending for the whole of 2013–14 would be 2.2% above 2012–13          levels.
Public  sector                net investment in          July was £1.8bn, £0.2 billion more than was spent in July last          year. Together, public sector net investment during the first          four months of 2013–14 has been £5.6bn. This is 9.3% more than          was spent between April and July in 2012, excluding the impact          of the transfer of assets from the Royal Mail Pension Plan to          the public sector. The OBR's forecast at the time of the March          2013 Budget predicted that net investment over the whole of          2013–14 would be £24.2 billion, which is 7.3% above last year's          level excluding the impact of Royal Mail.
         
Rowena          Crawford, a Senior Research Economist at the IFS, said: 
"At          first sight, today's figures look disappointing. The Treasury          ran a deficit in July this year, whereas they normally run a          surplus in this month as a significant chunk of corporation tax          payments are made in July. But underlying this headline figure          is the continuation of two trends that might not - yet - give us          cause for concern. 
          
          Receipts of taxes on both corporate and personal income have          grown more quickly so far this year than forecast by the OBR for          the year as a whole. But we should be cautious of inferring too          positive a message from this, as income tax payments are likely          to be more front-loaded this year than last as people shifted          income to take advantage of the new, lower 45p top rate of          income tax and receipts of VAT have grown more sluggishly than          forecast for the year as a whole.
          
          On the other hand central government current spending has grown          more quickly so far than forecast for the year as a whole. But          some of this could be merely differences in the timing of          payments this year compared to last, and therefore might unwind          later on."