§ Baroness Noakesasked Her Majesty's Government:
When they first defined the "golden rule" by reference to the average annual surplus on the current budget as a percentage of gross domestic product over the economic cycle. [HL1276]
§ Lord McIntosh of HaringeySince 1997, the Government have consistently presented figures for the current budget as a percentage of GDP when commenting on performance against the golden rule in Budget and Pre-Budget Reports. Page 10 of Budget 1997,Equipping Britain for our long-term future, [HC85], sets out figures for the current budget as a ratio of GDP from 1985–86 to 1996–97. Page 47 of the Economic and Fiscal Strategy Report 1998, Stability and investment for the long-term, [Cm 3978] outlines progress against the golden rule from 1997–98 to 2003–04.
§ Baroness Noakesasked Her Majesty's Government:
For each of the years 1999–2000 to 2005–06, what the annual surplus or deficit on the current budget has been or is expected to be in (a) nominal terms and (b) 2003–04 prices. [HL1277]
§ Lord McIntosh of HaringeyThe information requested is to be found in table B5 on page 213 of the 2003 Pre-Budget Report.