Public Sector Borrowing Requirement (Hansard, 3 December 1980)

§ Mr. Wigley
asked the Chancellor of the Exchequer if he will publish a table showing the size of the public sector borrowing requirement at constant prices over the past 10 years, including his latest estimate for the current year, and as a percentage of gross national product for each year during this period.

§ Mr. Biffen
The information is as follows:

PSBR at constant prices^* and as a percentage of GDP

PSBR at constant^* prices £ million PSBR as a per cent, of GDP at market prices

1971–72 1718 1.8

1972–73 3880 3.8

1973–74 6364 6.0

1974–75 9576 9.1

1975–76 10145 9.6

1976–77 7234 6.7

1977–78 4180 3.8

1978–79 6233 5.5

1979–80 5748 5.0

1980–81 — 5.0†

^* 1975 prices calculated using the GDP deflator.(expenditure based).

† The latest forecast as given in Economic Prospects to End-1981 published on 24 November. It is not available in the form of constant prices.

In the second column I have followed the usual practice, which is to present the PSBR as a percentage of gross domestic product at market prices rather than gross national product.

§ Sir David Price
asked the Chancellor of the Exchequer if he is satisfied that every item which is included in the Treasury's calculation of the public sector borrowing requirement is in fact a genuine borrowing on public sector account in cash terms.
117W

§ Mr. Biffen
I shall let my hon. Friend have a reply as soon as possible.

PSBR at constant prices^* and as a percentage of GDP
	PSBR at constant^* prices £ million	PSBR as a per cent, of GDP at market prices
1971–72	1718	1.8
1972–73	3880	3.8
1973–74	6364	6.0
1974–75	9576	9.1
1975–76	10145	9.6
1976–77	7234	6.7
1977–78	4180	3.8
1978–79	6233	5.5
1979–80	5748	5.0
1980–81	—	5.0†
^* 1975 prices calculated using the GDP deflator.(expenditure based).
† The latest forecast as given in Economic Prospects to End-1981 published on 24 November. It is not available in the form of constant prices.