§ Mr. GouldTo ask the Chancellor of the Exchequer if he will publish figures showing the extent to which the public sector deficit was either overfunded or underfunded over the period since 1975.
§ Mr. Nelson[holding answer 30 November 1992]: The extent to which the public sector deficit was overfunded or underfunded in each year over the period since 1975 is shown in the table:
In-year over( + )/under ( - ) funding Financial year £ billion 1975–76 -4.1 1976–77 -0.1 1977–78 -3.1 1978–79 -0.1 1979–80 -1.1 1980–81 -1.5 1981–82 +3.6 1982–83 +1.8 1983–84 +4.3 1984–85 +4.7 1985–86 -0.3 1986–87 -0.4 1987–88 0.0 1988–89 +2.7 1989–90 -0.7 1990–91 +0.3 1991–92 +0.3 Notes:
1. From 1988–89, the funding sector consists of the overseas sector and the domestic private sector excluding banks and building societies. In earlier years, the building societies were also included in the funding sector.
2. Figures take account of purchases of Treasury Bills by funding sector up to and including 1988–89. In subsequent years, Treasury Bills no longer count as funding.
3. No data is available for the funding sector's holding of tax 571W instruments prior to 1976–77. However, the holdings were probably not material.
4. National Savings Bank Investment Account became part of National Savings on 31 December 1980, and moved from private sector to public sector.
5. The Trustee Savings Bank became part of the non-funding sector as from 31 December 1981, when the "banking sector" became the "monetary sector".
6. Public Sector Borrowing Rate was redefined in March 1984 to treat public sector bank deposits as a financing item rather than as one of the determinants of the PSBR, but the effect is minimal.