The PSNCR is the new name for the old PSBR (Public Sector Borrowing Requirement). It has only been in surplus in 12 years since 1945. The last time it recorded a suprlus was in 2002-3. The National Debt differs from PSNCR insofar as it is an aggregate figure: it is the successive accumulation of year after year of fiscal deficits, which have yet to be paid off.Governments have three basic options for financing the PSNCR: increasing the narrow money supply (producing more notes and coins); issuing Government securities or gilts; and borrowing overseas. In 2011 Chancellor Osbourne announced  “Our fiscal mandate is to achieve a cyclically-adjusted current balance by the end of the rolling five year forecast period – which is currently 2015-16”. Clearly the target is a moving one.