From Budget 2002 on, the Government will publish figures for a measure of public sector net debt excluding cyclical fluctuations. The concept is called 'Core Debt' reflecting the fact that its evolution is determined primarily by borrowing for long-term investment rather than as a result of cyclical movements in the economy. Estimates of core debt will be updated in future Budget and Pre-Budget Report forecasts according to a transparent methodology set out in a technical paper published alongside this Budget. The technical paper below sets out the details of how core debt is defined, together with an explanation of the methodology used to calculate it.
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