During a financial year, a government records the following fiscal transactions:
| Fiscal Component | Value |
|---|---|
| Revenue from income and corporation taxes | £180 billion\text{£}180\text{ billion}£180 billion |
| Revenue from VAT and excise duties | £120 billion\text{£}120\text{ billion}£120 billion |
| Current expenditure on public services | £220 billion\text{£}220\text{ billion}£220 billion |
| Welfare and transfer payments | £60 billion\text{£}60\text{ billion}£60 billion |
| Interest payments on national debt | £30 billion\text{£}30\text{ billion}£30 billion |
Which of the following correctly describes the government's primary budget position and its overall budget position?
A primary budget surplus of £20 billion\text{£}20\text{ billion}£20 billion and an overall budget deficit of £10 billion\text{£}10\text{ billion}£10 billion
A primary budget deficit of £10 billion\text{£}10\text{ billion}£10 billion and an overall budget surplus of £20 billion\text{£}20\text{ billion}£20 billion
A primary budget deficit of £20 billion\text{£}20\text{ billion}£20 billion and an overall budget deficit of £40 billion\text{£}40\text{ billion}£40 billion
A primary budget surplus of £80 billion\text{£}80\text{ billion}£80 billion and an overall budget deficit of £10 billion\text{£}10\text{ billion}£10 billion
