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Tax Revenue Forecasts

Volume 400: debated on Monday 24 February 2003

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To ask the Chancellor of the Exchequer pursuant to his answer of 10 February 2003, Official Report, column 607W, what plans he has to make forecasts of total tax revenues associated with GDP growth rates which fall outside his Department's GDP growth forecasts made in the pre-Budget report. [99126]

In accordance with the requirements of the Code for Fiscal Stability, an interim forecast update, including projections for current revenues, was presented in the 2002 pre-Budget report. Projections will also be published in the forthcoming Budget.There are no plans to make forecasts for total tax revenues associated with GDP growth rates that fall outside the forecast range. However, as set out in paragraph B17 of the 2002 pre-Budget report, if GDP growth were one percentage point higher than assumed over the coming year, public sector net borrowing might be approximately 0.5 percentage points lower in the current year and a further 0.2 percentage points lower in the following year.