Mr Major’s Written Parliamentary Answer on Budget Forecast (Error) – 4 May 1989

Below is the text of Mr Major’s written Parliamentary Answer on Budget Forecast (Error) on 4th May 1989.

Dr. Bray To ask the Chancellor of the Exchequer to what he attributes the error in his forecast of the current balance for 1988, made in his 1988 “Financial Statement and Budget Report”.

Mr. Major As noted in this year’s Financial Statement and Budget Report, the difference between the published estimate of the current balance for 1988 and the forecast for 1988 made in last year’s FSBR mainly reflected the unexpected strength of domestic demand, particularly investment, combined with very high levels of capacity utilisation in some industries.