§ Mr. Brothertonasked the Chancellor of the Exchequer what is his latest estimate of the size of the public sector borrowing requirement expressed as a 145W percentage of the gross domestic product; and how this percentage compares with that in each of the Organisation for Economic Co-operation and Development countries.
§ Mr. Joel BarnettThe latest information on the public sector borrowing requirement relates to the calendar year 1977 and shows that the PSBR was around 4 per cent. of gross domestic product in that year. Comparable figures for other OECD countries are not available. International comparisons are usually made in terms of the general Government financial deficit. This was 3½ per cent. of GDP in the United Kingdom in 1977. Comparable OECD estimates for the larger member countries are shown below:
GENERAL GOVERNMENT FINANCIAL DEFICIT 1977: RATIO TO GROSS DOMESTIC PRODUCT* Per cent. of GDP at market prices Canada 2 France 1 Germany 3 Italy 7½ Japan† 5 United Kingdom 3½ U.S.A 1 * OECD forecast (Economic Outlook, No. 22) except for United Kingdom. † Financial year 1977–78.