Budget 2003: Brown forecasts borrowing to 2007
Chancellor Gordon Brown, today in his Budget, gave his prediction for UK net borrowing figures and explained how he wanted to spend the money.
Chancellor Gordon Brown, today in his Budget, gave his prediction for UK net borrowing figures and explained how he wanted to spend the money.
Link: Budget special
For the five years from 2003 net borrowing percentages of GBP will be 2.5%, 2.1% 1.9%, 1.7% and 1.6% in 2007. This means that for these years, the government will borrow £27bn, £24bn, £23bn, £22bn and £22bn.
By 2006, he promised he would spend, per year, £1bn more on housing, £5bn more on transport, £15bn more on education, £40bn more on health, and £61bn more on public services. He will also set aside new resources in the reserve margin for annually managed expenditure.
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