§ Taken by themselves, the tax reliefs which I have announced this morning imply a net addition of £100 million to the Budget estimate for the public sector borrowing requirement for the current year. On the other hand, developments 994 in the economy since the spring point to a reduction in the original forecast. As I have explained, the additions to public expenditure this year will be found from within the contingency reserve, and imply no additional change in the PSBR. I am satisfied that the measures I have announced will not increase the PSBR above the level of £8.5 billion I forecast in the Budget—that is, a figure within the limit of £8.7 billion which I announced last December at the time of the IMF agreement.
§ Equally, I am satisfied that the measures which I have announced this morning are consistent with the limit which I have announced for domestic credit expansion and the forecast range for sterling M3. The Government are determined to maintain their DCE limit and the related control of M3.