Well the GMB union were happy with the definition, along with the Office for Budget Responsibility.
From GMB Nottingham site
Quote:
Notes to editorsBelow are two paragraphs for the Executive Summary from the Office for Budget Responsibility's latest Economic and fiscal outlook published on 3 December 2014.
This publication sets out forecasts for the economy and the public finances, and an assessment of whether the Government is likely to achieve its fiscal mandate, supplementary target and welfare cap.
1.7 On the Government’s latest plans and medium-term assumptions, we are now in the fifth year of what is projected to be a 10-year fiscal consolidation. Relative to GDP, the budget deficit has been halved to date, thanks primarily to lower departmental spending (both current and capital) and lower welfare spending.
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