§ Mr. Harry GreenwayTo ask the Chancellor of the Exchequer what was the public sector borrowing requirement each year since 1974 at 1992 values; and if he will make a statement.
§ Mr. MellorThe figures requested are set out in the table. Between 1974–75 and 1978–79, the PSBR averaged 6¾ per cent. of GDP. Since 1979–80, by contrast, it has averaged 1¾per cent. of GDP.
Public sector borrowing requirement (£ million) Cash at 1991–92 prices1 1974–75 8,001 38,939 1975–76 10,251 39,765 1976–77 8,263 28,234 1977–78 5,381 16,172 1978–79 9,174 24,857 1979–80 9,926 23,040 1980–81 12,519 24,559 1981–82 8,631 15,447 1982–83 8,904 14,877 1983–84 9,678 15,454 1984–85 10,134 15,411 1985–86 5,622 8,102 1986–87 3,559 4,966 1987–88 -3,406 -4,508 1988–89 -14,657 -18,097 1989–90 -7,932 -9,197 1990–91 -465 -498 1991–92 210,500 10,500 1 Using the GDP deflator 2 Autumn Statement forecast