HC Deb 06 April 1976 vol 909 c236

The latest estimate of the PSBR as a whole is about £10¾ billion. Though this is more than the forecast I published a year ago, it is significantly below what many commentators were predicting.

Both revenue and expenditure were higher than expected. The net increase in the PSBR was partly due to the unexpected depth of the recession but mainly to an under-estimate of the effect of inflation on public expenditure.