§ Mr. BayleyTo ask the Chancellor of the Exchequer if he will make a statement on the PSBR. [37673]
§ Mr. WaldegraveBorrowing is continuing to fall and is on a clear downward trend. As a share of GDP the PSBR for 1996–97 will be half its 1993–94 level.
§ Mr. MorganTo ask the Chancellor of the Exchequer if he will commission a study into the accuracy of his Department's original forecast of the current year's PSBR. [37687]
§ Mr. WaldegraveNo. The PSBR is the difference between two large numbers and forecasts are subject to large margins of error. The average error on forecasts made in November for the year ahead is l½ per cent. of GDP, or £11 billion at current day prices. The error on the 1994 Budget forecast of the 1995–96 PSBR was just under £11 billion, an average-sized forecast error.