§ Mr. CohenTo ask the Chancellor of the Exchequer what is the current level of Government borrowing; what was the level in April 1992; what he estimates the level will be in April next year; and at what level of borrowing he thinks it would be prudent to contemplate tax cuts. [21075]
§ Mr. NelsonThe public sector borrowing requirement in 1991–92 was £13.9 billion. In 1994–95, the PSBR was £35.6 billion. The PSBR is expected to fall to £21½ billion in 1995–96 and is projected to be in surplus by the end of the decade.
Tax cuts will be made only when it is in the best interests of the economy.