Public Finance

Treasury written question – answered on 4th March 2014.

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Photo of Jeremy Browne Jeremy Browne Liberal Democrat, Taunton Deane

To ask the Chancellor of the Exchequer what the Government deficit was, expressed in monetary terms including forecast projections into future years, in each year since 1990.

Photo of Nicky Morgan Nicky Morgan The Economic Secretary to the Treasury

According to the latest public sector finances statistical bulletin:

Public sector net borrowing excluding the impact of large one-off transfers for Royal Mail pension assets and the Asset Purchase Facility (PSNBex (ex RM and APF)), was £5.8 billion in 1990-91 but rose to £157.3 billion in 2009-10. As a result of action by this Government net borrowing has fallen in each year since May 2010 and stood at £114.9 billion in 2012-13, the last full year for which information is available.

The independent Office for Budget Responsibility (OBR) is responsible for producing the official economic and fiscal forecasts in the UK on which fiscal policy is based. According to OBR's December 2013 Economic and fiscal outlook, PSNBex (ex RM and APF) is forecast to fall in each year of the forecast period reaching a £2.2 billion surplus by 2018-19. The OBR forecasts are available here:

http://budgetresponsibility.org.uk/pubs/December-2013-EFO-Charts-and-Tables2.xls

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