Wednesday, February 20, 2008
Do You Know How Big the PSBR Is?
In the 1970s and 1980s we all used to wait with baited breath for the latest trade figures or the latest PSBR (public sector borrowing requirement, for those born after 1975) deficit. I have no idea what the latest trade figures are. Do you? For some reason the media doesn't report them any longer. Probably too frightening. Until today, I had no idea how bad the PSBR had got. Allister Heath informs us that for the financial year 2007/8 the total has already reached £26.8 billion, with the final figure expected to be nearer £40 billion. This is the kind of economic stability we are supposed to be impressed by, apparently.