Flashcard DefinitionExists when government revenues exceed spending. Block TypeFlashcard💡Related content:A brief guide to the public finances - Office for Budget ResponsibilityThe 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
