The Office for National Statistics (ONS) has published its first Country and Regional Public Sector Finances (CRPSF) publication.
The aim of these statistics is to provide users with information on what public sector expenditure has occurred in each country or region of the UK and what public sector revenues have been raised in each country or region, with the difference in these totals determining its net fiscal balance.
As this is the first time that ONS has published these estimates, they are labelled as experimental statistics, which are defined as statistics within their development phase and are published in order to involve potential users at an early stage in building a high quality set of statistics that meet user needs.
Given this ONS publication, the department does not intend to duplicate this work by producing a separate Northern Ireland Net Fiscal Balance Report for this year.
Interested parties are encouraged to consider this report and respond to the public consultation, which is expected to be initiated by ONS following the UK General Election in June.
Previously, the department had produced Northern Ireland Net Fiscal Balance reports, which provided an estimate of public sector finances in Northern Ireland.
The expenditure and revenue analysis determines the net fiscal balance or fiscal deficit position for each financial year, estimated as aggregate public expenditure less aggregate public revenue.