Abstract
Government borrowing has fallen sharply over recent years as tight expenditure control has been combined with buoyant revenue. It now appears likely that the budget will be in surplus in the current fiscal year, with the Golden Rule clearly met. A decline in the deficit has been one of the key objectives of fiscal policy for a number of years. Indeed the Financial Statement and Budget Report (FSBR) of November 1994 projected a £1 billion surplus in 1998–99, although several policy measures have had to be implemented since then in order to achieve it.
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