TaxCorporate TaxBudget 2003: Golden debt rules will be met

Budget 2003: Golden debt rules will be met

Despite the economic downturn, the government will continue to meet its golden rules on debt over the course of the economic cycle, Gordon Brown assured sceptical opposition MPs.

Link: Budget special

He said that not only would the government achieve a balance, it would generate a surplus of £32bn.

‘It’s right and prudent to borrow at this point in the economic cycle,’ he said. ‘We will meet our golden rule this year and every year to 2006.’

Brown also said he would keep debt at less than his target of 40% of national income. Indeed it would not rise above 34%, he told MPs.

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