Public expenditure
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Spending by central government, local authorities and public enterprises on goods and services (including capital formation). Subsidies and grants and debt servicing. In 1981-2 total U.K. public expenditure on capita! and current account amounted to over £120,000 million, excluding current expenditure on goods and services on operating account of public enterprises.
Reference: The Penguin Dictionary of Economics, 3rd edt.
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