asked the Minister for Finance the total estimate of the budget deficit for 1986; and the total amount of borrowing required for 1986.
Ceisteanna—Questions. Oral Answers. - Budget Deficit.
15.
Estimates of the likely outturn for the current budget deficit and the Exchequer borrowing requirement are normally given immediately after the end of each quarter when the quarterly Exchequer returns are published. At the time of the publication of the end-September Exchequer returns it was estimated that the current budget deficit for 1986 would be around £1,430 million and that the Exchequer borrowing requirement would be of the order of £2,180 million. The end-December Exchequer returns for 1986 will be published at the beginning of January 1987.
Would the Minister agree that in view of the drop in consumer spending the deficit at the end of the year could be over £1,500 million? Would I be wrong in that?
I think the Deputy would be wrong.
But the Minister is not sure?
If the Deputy wishes me to put it more specifically, the Deputy is wrong.
As the Minister has said that the likely outturn represents about 8 per cent of GNP, would he comment on the fact that the minimum step, as it was called in Building on Reality, for next year was to be 5 per cent of GNP in the current budget deficit? Does the Minister now acknowledge that that minimum step will not be realised? Has he any proposals to bring in another Building on Reality, or an illusion as the case may be, in view of the fact that that minimum step is totally out of reach?
As the Deputy knows I will be answering another question in about a minute which deals with that point, namely the comparison of present provisions with Building on Reality. It would be more appropriate to deal with the point then.
I must now move to questions nominated for priority.