Budget Deficit

Flashcard Definition

Exists when government spending exceeds government revenue. Means that the government must borrow money to finance its spending.

Block Type

Flashcard

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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

A brief guide to the public finances - Office for Budget Responsibility