Public Sector Borrowing Requirement

HC Deb 14 April 1993 vol 222 cc536-7W

Mr. Jopling

To ask the Chancellor of the Exchequer what assumptions for economic growth, inflation and interest rates were built for each year until 1997–98 into his estimates for the public sector borrowing requirement and other economic trends, published at the time of his Budget.

Mr. Portillo

Table 2.2 of the 1993–94 "Financial Statement and Budget Report" provides illustrative assumptions for output, inflation and money GDP growth for each year until 1997–98. These assumptions are set out in the table. It is not our practice to publish assumptions for interest rates.

Table 2.2 Money GDP growth, output growth and inflation1
	1992–93	1993–94	1994–95	1995–96	1996–97	1997–98
Money GDP	3¼	4¾	7	6½	5½	4¾
Real GDP:
Non-North Sea	-¼	1½	2¼	2¾	3	3
Total	—	2	2½	2¾	2¾	2¾
Inflation:
GDP deflator	3½	2¾	4¼	3¾	2½	2
RPI excluding MIPs2	3¾	3¾	3¾	3¼	2½	2
1 Percentage changes on previous financial year; forecasts for 1993–94 and assumptions thereafter.
2 Percentage change in year to 1992q4 1993q4; percentage change on previous financial year thereafter.