Generally speaking, you do not need to keep the following in a safe deposit box: income tax returns, education records, employment records, bankbooks, social security cards, guarantees, and burial instructions. Keeping Tax Records. But you don't have to keep everything for tax purposes.
Definition of Deficit and Debt. 1  Deficit relies to the annual borrowing requirement of the government. 2  Debt related to the total level of public sector debt built over previous years. 3  In 2010/11 UK public sector deficit is forecast to be around Â£149bn of or 12% of GDP.
If the government is running a deficit, it may make investments on top of this, and will therefore need to borrow to cover both. For example, in the calendar year 2007, the Labour government borrowed Â£37.7bn, of which Â£28.3bn was invested in big projects (the balance of Â£9.4bn represents the current budget deficit).