Instead of the previously-predicted borrowing of £37.5bn, Brown said that this would fall to £34bn. He added that in the following years, borrowing would continue to fall to £33bn in 2005, and £29bn, £28bn, £24bn and £22bn in the following years.
Consequently, deficit would be 2.9% of GDP this year, which would drop to 2.7%, 2.2%, 2%, 1.6% and 1.5% in subsequent years.
He added that these figures fell well within the Maastricht criteria for joining the euro, ‘for those that follow those things’.
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