That applies both to the current budget balance and the net fiscal balance, including capital expenditure.

BBC: Deficit, growth and prospects

It is new investment, net private investment over and above that required to maintain the current stock of capital that drives the economy forward.

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Instead of the 'net fiscal balance', that smaller 'current budget balance' doesn't include capital spending.

BBC: Balance of payments

The current-account deficit is no more than the accounting counterpart of that net inflow of capital.

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Sure, London is tax-friendly in its own way, which is why hedge-funds love pitching their tents in the capital, and the current government plans to lower its corporate tax rate to 24% over the net few years.

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