Labour’s final accounts

Treasury has just published the crown accounts for the year ending 30 June 2009. This is basically the last set of accounts for the Labour Government, even though the new Government will have had some impact through decisions taken before the 2009 budget.

The 2008 budget said there would be a surplus of $3.1 billion. In fact the operating deficit was $10.5 billion.

The OBEGAL (the underlying surplus) was a deficit of $3.9 billion compared to the budget of $1.3 billion.