Country Travel Economy
Public sector borrowing requirement (P.S.B.R.). The net amount by which receipts of the public sector are expected to fall short of expenditure or (ex post) the amount by which they did fall short as set out in the national accounts. The P.S.B.R. is financed by the increase in notes and coin in circulation, increases in marketable and non-marketable debt and increases in debt to the Bank of England after allowance has been made for changes in overseas official financing, such as net drawings from the International Monetary Fund. national debt.
Public utility. An enterprise producing and supplying one of a particular set of outputs, namely electricity, transport, gas, telephones and water supply. The nature of the technology of these goods is such that the enterprises supplying them tend to have considerable monopoly power. This may be due to economies of scale or the prohibitive cost of replication of distribution networks e.g. if each household in
Public Works Loan Board a street had its electricity supply from a different company then there would be as many different power lines in the neighbourhood as there were households. Because of this tendency to monopoly, and because also of the importance of these goods to modem life, some form of state regulation or control of public utilities is almost universal.
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