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Budget Consolidation Options For The Uk

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  • Ray Barrell

Abstract

The increase in UK public sector net borrowing in the past year, plotted in figure 1, has been in part a result of the decline in economic activity, and also a consequence of the change in housing and financial market transactions. The former is predictable with every 1 per cent decline in output below trend producing a decline in net revenues of of between one third and three fifths of a per cent of GDP depending upon the reason for the decline in output. The loss from the decline in asset-related revenues is harder to judge, but the April 2009 budget suggested that revenue losses might be more than 1 per cent of GDP.
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Suggested Citation

  • Ray Barrell, 2009. "Budget Consolidation Options For The Uk," National Institute Economic Review, National Institute of Economic and Social Research, vol. 210(1), pages 58-60, October.
  • Handle: RePEc:sae:niesru:v:210:y:2009:i:1:p:58-60
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