Introducing the PSDR. (Public Sector Debt Repayment)
Economist (US), The, March, 1988
AS WELL as dazzling onlockers with the boldness of his tax reforms, Mr Lawson had to deliver a budget to convince financial markets that his anti-inflation strategy was intact. That turned out to be a harder task than he had expected. Days before the budget a public disagreement with the prime minister over exchange-rate policy had left financial markets unsure of the government's macroeconomic priorities. On this aspect of his strategy-hitherto the core of Mr Lawson's approach-his speech on March 15th was dangerously thin.
Fiscal prudence was on parade all right, down to the unveiling of a new acronym. Mr Lawson announced that his future "norm" for government finances will be a balanced budget, and that this year and next he will actually be running a fat...
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