Public Finance

House of Lords written question – answered on 14th January 2015.

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Photo of Lord Greaves Lord Greaves Liberal Democrat

To ask Her Majesty’s Government what was the annual budget deficit and what was the structural deficit for each of the last 20 years; and what is their estimate of those figures for the current year and the next two years.

Photo of Lord Deighton Lord Deighton The Commercial Secretary to the Treasury

“The independent Office for Budget Responsibility publishes this information in its ‘public finances databank’, the deficit being ‘Public sector net borrowing’ (PSNB) and the structural deficit being ‘Cyclically-adjusted net borrowing’ (CANB). The data are set out in the table below:

£bn 1994-95 1995-96 1996-97 1997-98 1998-99 1999-00 2000-01 2001-02
PSNB 43.8 35.3 27.7 5.8 -4.6 -14.8 -17.2 0.6
CANB 37.8 25.6 24 14.1 7.9 -1 -5.1 7.7
£bn 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10
PSNB 26.6 31.5 43.6 41 36.3 40.3 100.3 153
CANB 27.2 36.4 52.3 48.8 44.7 58.3 99.5 121.9
£bn 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
PSNB 112.4 119.4 97.5 91.3 75.9 40.9
CANB 81.8 86.2 70.6 77.4 68 34.8

The outturn years are consistent with data published by the Office for National Statistics and the forecast years consistent with the ‘Economic and fiscal outlook’ published by the Office for Budget Responsibility in December 2014.

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