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mpc: 14 The Government's Pre-Budget Report had been published on 6 December. A preliminary assessment suggested that the fiscal projections did not contain substantial news for monetary policy relative to the 2006 Budget. It was possible that the composition of projected spending and receipts could have implications for the Committee's forecast and further analysis would be needed. The Committee noted that the ratio of current receipts to GDP was projected to rise by over one percentage point between 2005/06 and 2008/09.