§ Mr. Malcolm BruceTo ask the Chancellor of the Exchequer if it is his policy to have the UK general Government financial deficit in 1997–98 at below the reference value used in the European Union's excessive deficits procedure; and if he will make a statement. [28891]
§ Mr. Waldegrave[holding answer 10 May 1996]: The Government's fiscal objective is to bring the public sector borrowing requirement back towards balance over the medium term. The Budget projection of the general Government financial deficit in 1997–98 was £17 billion, equivalent to 2 per cent. of GDP. An updated forecast will be published in the summer economic forecast on 9 July.