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Fiscal report

Published online by Cambridge University Press:  26 March 2020

Garry Young
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Extract

The public sector finances have been transformed in recent years as tight expenditure control has been combined with buoyant revenue. In the last fiscal year, the overall budget was in surplus by almost £6 billion. Official estimates indicate that the current balance was in surplus by £10 billion, thus comfortably meeting the Golden Rule.(1)

Type
Other
Information
National Institute Economic Review , Volume 169 , July 1999 , pp. 31 - 37
Copyright
Copyright © 1999 National Institute of Economic and Social Research

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References

Notes

(1) Current spending and net investment both depend on estimates of depreciation which are fairly arbitrary. Our assumptions about this are different from the official estimates.