Flashcard Definition
Exists when government spending exceeds government revenue. Means that the government must borrow money to finance its spending.
Block Type
Flashcard
Related content:
A brief guide to the public finances - Office for Budget Responsibility
The independent Office for Budget Responsibility was established in 2010 to monitor the public sector's finances. Twice a year - usually alongside each Budget and Spring or Autumn Statement - we produce detailed forecasts for the coming five years, assessing the likely impact of any policy decisions and expected developments in the economy.
obr.uk