HC Deb 20 July 2000 vol 354 cc309-10W
26. Mr. Baldry

To ask the Chancellor of the Exchequer if he will make a statement on the percentage of GDP which was accounted for by net taxes and social security contributions in(a) 1996–97 and (b) 1999–2000. [130154]

Mr. Andrew Smith

The Treasury updates its fiscal and economic forecasts, and the ratio of tax receipts to GDP, twice a year in the Budget and Pre-Budget Report, and most recently in the Budget Red Book, where it shows the share falling from 37 per cent. of GDP last year to 36.9 per cent. of GDP this year and 36.7 per cent. of GDP in 2003–04.

As the Chancellor said on Tuesday, the combination of a stronger economy leading to higher revenues and £4.5 billion lower spending meant that the net debt repayment last year was not £11.9 billion, as we said at the time of the Budget, but £18.1 billion.