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Golden rule
01 February 2005
Request:
Material relating to changes in the government's assessment of Gordon Brown's golden rule on borrowing only to invest over the economic cycle.
Disclosure:
As set out in Box B1 (p.193) of the 2004 Pre-Budget Report, the Golden Rule states that over the economic cycle, the Government will borrow only to invest. The golden rule will be met if the average annual surplus on the current budget expressed as a ratio to GDP, measured from the year in which the economic cycle begins up to and including the year in which the economic cycle ends is in balance or surplus. The Government’s assessment of the Golden Rule is made each year in the Pre-Budget Report and Economic and Fiscal Strategy Report as required by the Code for Fiscal Stability.
The Government’s assessment of the Golden Rule can be found in the following documents.
|
Publication |
Table number |
Page number |
Link |
| PBR 2004 | 2.5 | 29 | PBR 2004 |
| Budget 2004 | 2.6 | 34 | Budget 2004 |
| PBR 2003 | 2.6 | 33 | PBR 2003 |
| Budget 2003 | 2.7 | 34 | Budget 2003 |
| PBR 2002 | 2.6 | 28 | PBR 2002 |
| Budget 2002 | 2.7 | 33 | Budget 2002 |
| PBR 2001 | 2.6 | 26 | PBR 2001 |
| Budget 2001 | 2.5 | 30 | Budget 2001 |
| PBR 2000 | 2.5 | 29 | PBR 2000 |
| Budget 2000 | 2.6 | 30 | Budget 2000 |
| PBR 1999 | 2.3 | 32 | PBR 1999 |
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