Periods of surplus have always been short-lived

Period of surplus

-5

0

5

10

Public sector net borrowing as a

percentage of national income

10

2000

90

80

70

60

1950

Net borrowing

Net surplus

Period of surplus

14

-5

0

5

10

Public sector net borrowing as a percentage of national income

2010

2000

1990

1980

1970

1960

1950