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172714

registered interest
date	08/01/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Public Finance
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government how, for the purposes of official statistics, they define (1) the annual budget deficit, (2) the structural deficit, and (3) the cyclical deficit.
tabling member printed	Lord Greaves
uin	HL4034
answer	answer is ministerial correction date of answer 15/01/2015 answer text <p>The annual budget deficit is also referred to as Public Sector Net Borrowing (PSNB). The Office for National Statistics (ONS) defines PSNB as the difference between public sector receipts and expenditure as measured by National Accounts. It also equals the net balance of the public sector’s net acquisition of financial liabilities less its acquisition of financial assets. In December 2009, the ONS defined an alternative measure of PSNB excluding the temporary effects of the financial sector interventions (PSNBex).</p><p> </p><p>Typically PSNB excluding banks (PSNBex) is the measure that is used to describe the public finances. Further information on ONS definitions of the Public Finances can be found in the latest Public Sector Finance (PSF) release from December 2014<sup><sup>[1]</sup></sup>.</p><p> </p><p>The cyclically adjusted deficit and cyclical deficit are not official statistics. These measures are estimates by the Office for Budget Responsibility (OBR) based on assessments of the output gap. Information on how these are derived can be found in the OBR’s Working Paper No. 3: Cyclically Adjusting the Public Finances which can be found on the OBR’s website<sup><sup>[2]</sup></sup>.</p><p> </p><p> </p><p>[1] <a href="http://www.ons.gov.uk/ons/rel/psa/public-sector-finances/november-2014/stb-nov-2014.html" target="_blank">http://www.ons.gov.uk/ons/rel/psa/public-sector-finances/november-2014/stb-nov-2014.html</a></p><p>[2] <a href="http://budgetresponsibility.org.uk/wordpress/docs/Working-paper-No3.pdf" target="_blank">http://budgetresponsibility.org.uk/wordpress/docs/Working-paper-No3.pdf</a></p><p> </p> answering member printed Lord Deighton question first answered 15/01/2015 17:45:51 answering member 4262 label Biography information for Lord Deighton
tabling member	2569 label Biography information for Lord Greaves

172715

registered interest
date	08/01/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Public Finance
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what was the annual budget deficit and what was the structural deficit for each of the last 20 years; and what is their estimate of those figures for the current year and the next two years.
tabling member printed	Lord Greaves
uin	HL4035
answer	answer is ministerial correction date of answer 14/01/2015 answer text <p>&quot;The independent Office for Budget Responsibility publishes this information in its ‘public finances databank’, the deficit being ‘Public sector net borrowing’ (PSNB) and the structural deficit being ‘Cyclically-adjusted net borrowing’ (CANB). The data are set out in the table below:</p><p> </p><p> </p><p> </p><table><tbody><tr><td><p>£bn</p></td><td><p>1994-95</p></td><td><p>1995-96</p></td><td><p>1996-97</p></td><td><p>1997-98</p></td><td><p>1998-99</p></td><td><p>1999-00</p></td><td><p>2000-01</p></td><td><p>2001-02</p></td></tr><tr><td><p>PSNB</p></td><td><p>43.8</p></td><td><p>35.3</p></td><td><p>27.7</p></td><td><p>5.8</p></td><td><p>-4.6</p></td><td><p>-14.8</p></td><td><p>-17.2</p></td><td><p>0.6</p></td></tr><tr><td><p>CANB</p></td><td><p>37.8</p></td><td><p>25.6</p></td><td><p>24</p></td><td><p>14.1</p></td><td><p>7.9</p></td><td><p>-1</p></td><td><p>-5.1</p></td><td><p>7.7</p></td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td><p>£bn</p></td><td><p>2002-03</p></td><td><p>2003-04</p></td><td><p>2004-05</p></td><td><p>2005-06</p></td><td><p>2006-07</p></td><td><p>2007-08</p></td><td><p>2008-09</p></td><td><p>2009-10</p></td></tr><tr><td><p>PSNB</p></td><td><p>26.6</p></td><td><p>31.5</p></td><td><p>43.6</p></td><td><p>41</p></td><td><p>36.3</p></td><td><p>40.3</p></td><td><p>100.3</p></td><td><p>153</p></td></tr><tr><td><p>CANB</p></td><td><p>27.2</p></td><td><p>36.4</p></td><td><p>52.3</p></td><td><p>48.8</p></td><td><p>44.7</p></td><td><p>58.3</p></td><td><p>99.5</p></td><td><p>121.9</p></td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td><p>£bn</p></td><td><p>2011-12</p></td><td><p>2012-13</p></td><td><p>2013-14</p></td><td><p>2014-15</p></td><td><p>2015-16</p></td><td><p>2016-17</p></td><td> </td><td> </td></tr><tr><td><p>PSNB</p></td><td><p>112.4</p></td><td><p>119.4</p></td><td><p>97.5</p></td><td><p>91.3</p></td><td><p>75.9</p></td><td><p>40.9</p></td><td> </td><td> </td></tr><tr><td><p>CANB</p></td><td><p>81.8</p></td><td><p>86.2</p></td><td><p>70.6</p></td><td><p>77.4</p></td><td><p>68</p></td><td><p>34.8</p></td><td> </td><td> </td></tr></tbody></table><p> </p><p> </p><p> </p><p>The outturn years are consistent with data published by the Office for National Statistics and the forecast years consistent with the ‘Economic and fiscal outlook’ published by the Office for Budget Responsibility in December 2014.</p><p> </p> answering member printed Lord Deighton question first answered 14/01/2015 17:34:10 answering member 4262 label Biography information for Lord Deighton
tabling member	2569 label Biography information for Lord Greaves