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Total Managed Expenditure (TME) is the Government's preferred measure of total public expenditure. It is derived from national accounts produced by the Office for National Statistics (ONS). National accounts give an overall picture of economic and financial activity in the UK and are based on international guidelines in the European System of Accounts 1995 (ESA95). For more on national accounts see ONS UK National Accounts 2002.
TME covers expenditure by the whole public sector; central government, local government, and public corporations. It includes current and capital expenditure but not financial transactions such as government lending.
The fiscal balances relate to the Chancellor's fiscal rules: the Golden Rule is monitored through the public sector current surplus. Pubic sector net borrowing is a measure of the overall fiscal stance, and public sector net debt shows performance against the sustainable investment rule.
Public sector net borrowing is TME minus public sector receipts.
Outturn data are national accounts' figures from ONS. Latest data are available from the ONS Public Sector Accounts release. Projections are consistent with the Treasury's Budget Report 2004
Projections of data expressed as a percentage of GDP use Treasury's cautious GDP forecast.
For more information on GDP Deflators please see GDP Deflators: A User´s Guide .
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