Seanad debates

Wednesday, 26 March 2003

Finance Bill 2003 [ Certified Money Bill ] : Committee and Remaining Stages.

 

We are in Gordon Brown's camp. He wants to do something with public services and we want to do something regarding infrastructure. The UK has the third lowest debt ratio. It is not part of the euro and its figure stands at approximately 39% or 40%, depending on how it is calculated. Mr. Brown will deliver his budget, which was delayed because of the war in Iraq, on 8 April. The financial situation in the UK has been deteriorating in the past year. In November, Mr. Brown announced that borrowing would be in the order of £10 billion and it has now gone from that to £20 billion. It could still be revised upwards to £30 billion. The UK will probably be next to reach the 3% mark, but such a development is not as serious because it is not involved with the euro.

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