§ Mr. ShoreTo ask the Chancellor of the Exchequer if he will list the public sector borrowing requirement from 1965–66 to 1994–95(a) in cash terms, (b) adjusted for inflation and (c) as a percentage of gross domestic product. [30796]
§ Mr. AitkenThe following table sets out the information requested.
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Public sector borrowing requirement (PSBR) in cash terms, real terms (1993–94 = 100) and as a percentage of gross domestic product (GDP) PSBR in cash terms £ billion PSBR in real terms1 £ billion PSBR as a percentage of GDP 1965–66 0.9 9.5 2.6 1966–67 1.1 10.9 3.0 1967–68 2.0 18.8 5.0 1968–69 0.4 3.2 0.8 1969–70 -0.6 -5.1 -1.3 1970–71 0.8 6.0 1.5 1971–72 1.0 6.9 1.7 1972–73 2.4 16.0 3.7 1973–74 4.3 26.8 5.9 1974–75 8.0 41.2 9.1 1975–76 10.3 42.1 9.4 1976–77 8.3 29.9 6.5 1977–78 5.4 17.1 3.6 1978–79 9.2 26.3 5.4 1979–80 9.9 24.4 4.9 1980–81 12.5 26.0 5.4
Public sector borrowing requirement (PSBR) in cash terms, real terms (1993–94 = 100) and as a percentage of gross domestic product (GDP) PSBR in cash terms £ billion PSBR in real terms1 £ billion PSBR as a percentage of GDP 1981–82 8.6 16.3 3.4 1982–83 8.9 15.7 3.2 1983–84 9.7 16.3 3.2 1984–85 10.1 16.3 3.1 1985–86 5.6 8.6 1.6 1986–87 3.6 5.3 0.9 1987–88 -3.4 -4.8 -0.8 1988–89 -14.7 -19.3 -3.1 1989–90 -7.9 -9.8 -1.5 1990–91 -0.4 -0.5 -0.1 1991–92 13.9 14.9 2.4 1992–93 36.2 37.3 6.0 1993–94 45.4 45.4 7.1 1994–95 35.3 34.6 5.2 1 Real terms figures calculated using the GDP deflator.
§ Mr. Malcolm BruceTo ask the Chancellor of the Exchequer, pursuant to his answer of 21 June,Official Report, column 262, what considerations underlie the change of his objective for fiscal policy from the policy of bringing the public sector borrowing requirement back to balance over the medium term, as set out in the "Financial Statement and Budget Report 1995–96"; to the policy of bringing the PSBR back towards balance, as set out in his answer; and if he will make a statement. [31250]
§ Mr. Aitken[holding answer 27 June 1995]: There has been no change in the Government's fiscal objective. The answer of 21 June repeats what my right hon. and learned Friend the Chancellor said in his Mansion house speech on 14 June.