§ Lord Shore of Stepney
asked Her Majesty's Government:
What are the principal differences between the United Kingdom's definition of government borrowing in the Public Sector Borrowing Requirement and that used in the European Union in calculating excess deficits; what has been the percentage of gross domestic product borrowed by the Government under United Kingdom definitions during the last four available years; and what would have been the percentage figures, using European Union definitions. [HL417]
§ Lord McIntosh of Haringey
The key indicator used by the Government for assessing the overall fiscal impact is the change in public sector net borrowing (PSNB). The measure underlying the excessive deficits procedure of the Maastricht Treaty is general government net borrowing (GGNB). The difference between general government net borrowing on ESA79 and ESA95 bases can be found in the ONS First Release,Government deficit and debt under the Maastricht Treaty, issued on 31 August 1999, ONS (99) 298.
Historical numbers for both PSNB and GGNB can be found in table PSF2 of the ONS Public Sector Finances First Release for October, issued on 18 November 1999, ONS (99)401. Historical numbers for GDP can be found in the ONS First Release, UK output, income and expenditure, last published on 23 November 1999 ONS (99) 407.