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Fiscal Rules

Volume 406: debated on Friday 23 May 2003

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To ask the Chancellor of the Exchequer if he will make a statement on the fiscal rules in connection with the next economic cycle. [115300]

Consistent with the Code for Fiscal Stability, the public finances projections set out in Budget 2003 (HC 500) show that the Government are firmly on track to meet their strict fiscal rules: the average current budget since 1999–2000 is in surplus throughout the projection period, consistent with meeting the golden rule; and public sector net debt remains comfortably below 40 per cent. of GDP, consistent with meeting the sustainable investment rule.