Lamont's second task was to reduce government borrowing, which was rising sharply because of the twofold impact of the ERM on the public finances. The loss of output had reduced tax revenues and increased public spending as unemployment rose. The sharp falls in inflation further reduced tax revenues compared to previous forecasts at the same time as increasing public spending after inflation, because public spending is planned in cash terms which becomes worth more in real terms if inflation falls. The March 1993 budget forecast a Public Sector Borrowing Requirement for 1993-94 of £50bn, equivalent to 8% of GDP. In terms of the Public Sector Net Cash Requirement, the definition currently in use to measure the UK government deficit, the actual deficit for 1993–94 of 6.9% was the highest since 1975–76 at 9.2% but just over half the 13.3% deficit projected for 2009–10 in the April 2009 budget.