Stabilising the public finances effectively
Additional budgetary measures are needed just to keep government borrowing below 10 per cent of GDP in 2009.
A new set of budgetary measures is due to be announced on April 2 and is likely to include action to contain both current and capital spending. Total exchequer spending is the sum of gross current voted expenditure, exchequer capital spending and an item called central fund services, which is mainly the cost of servicing the national debt.
The table (right) gives the development in the ratio of total spending to GNP in recent years (with...
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