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mpc: 18 The Government's Pre-Budget Report (PBR) had been published on 5 December. The projections for GDP growth embodied in the Government's fiscal forecasts were a little lower than the November Inflation Report central projections for FY2005/06 and FY2006/07. A preliminary assessment suggested that the fiscal projections did not contain substantial news relative to the 2005 Budget. Nevertheless, it was possible that the composition of projected government spending and receipts would have implications for the Committee's forecast. Further analysis of the detailed fiscal projections contained in the PBR was therefore needed.