BusinessCompany NewsGreen budget: Net borrowing plans unveiled

Green budget: Net borrowing plans unveiled

Chancellor Gordon Brown today lashed out against the practice of cutting spending and borrowing.

Link: Pre-Budget special report

‘This would create the bust & boom of capital investment,’ he said, while members of the House cried out their discontent.

Brown said ‘Britain was in that position’ before labour came into power, and argued that in times of downturn such an option would neither advisable nor prudent.

He announced the net borrowing figure for the next five consecutive years starting in 2002 as £20bn, £24bn, £19bn, £19bn and £20bn.

These figures present declining percentages of GDP from 1.9% in 2002 to 1.5% in 2007. This is ‘well within the Maastricht criteria,’ the chancellor said, compared to 2.7% in the US and 7% in France.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

4w Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

5m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

5m Alia Shoaib, Reporter
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

8m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

8m Emma Smith, Managing Editor
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

8m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

8m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

8m Emma Smith, Managing Editor