Section 5: Public finance; the public sector borrowing requirement

Article Abstract:

In recent years government policy has dictated that the public sector borrowing requirement (PSBR) should be run like household budgets and not get into too much debt. Both structural and cyclical factors can affect the PSBR. Reducing government expenditure does not always improve the PSBR balance, spending on public services can increase demand and growth and help cut the costs of government services. The present government aims to cut borrowing by keeping inflation low.

National debt, Public debts

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Public finance; tax policy and the budget

Article Abstract:

Since the present UK government were elected in 1979 they have tried to end the budget deficit and cut taxation demands to individuals. This was to be achieved by reduced public spending. It has proved impossible to substantially reduce taxes, and equally difficult to end the budget deficit. Income tax cuts have been paid for by increases in national insurance contributions.

Monetary policy

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Public expenditure under review

Article Abstract:

Trends in public expenditure in the UK are discussed. Chancellor Gordon Brown seems to have managed to achieve low inflation, long-term growth and financial solvency, and could therefore take a less strict approach to public expenditure without being seen as unwise.

Analysis, Government spending policy

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