Country Travel Economy
Public Works Loan Board. A board responsible for administering the provision of long-term government loans in the U.K., mainly to local authorities who find it difficult to raise money on the market or to finance their capital requirements from the rates. In 1980 the amount of local authority debt outstanding with the P.W.L.B. was £14 million, 38 per cent of the total. Since 1980 the P.W.L.B. has been part of the National Investment and Loans Office which also includes the National Debt Office national debt).
˜Pump priming’ deficit financing.
Purchase tax. An indirect tax direct taxation) levied at different percentage rates for different commodities on their wholesale prices. This tax was abolished in the U.K. on the introduction of a value added tax in 1973.
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