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The total amount the government owes is called the national debt. It is currently about £2.8 trillion - or £2,800,000,000,000. That is roughly the same as the value of all the goods and services ...
Debt interest has grown as a proportion of government spending in the last few years as a result of rising interest rates, and increased debt due to primarily to the cost of the Covid pandemic. [10] In financial year 2018–19, debt interest was £43 billion - around 5% of total government spending [ 11 ] compared to around 10% in 2023–24.
The British government debt is rising due to a gap between revenue and expenditure. Total government revenue in the fiscal year 2015/16 was projected to be £673 billion, whereas total expenditure was estimated at £742 billion. Therefore, the total deficit was £69 billion. This represented a rate of borrowing of a little over £1.3 billion ...
Timeline of PSNCR (excluding public sector banks) in £billions [2]. In 1997 the Labour government of Tony Blair inherited a PSNCR of approximately £5 billion per annum, but by sticking to the parsimonious spending plans of the outgoing Conservative Government, this was gradually turned into a modest budget surplus. [3]
The government is spending more on public services than it raises in tax. To bridge this gap it borrows money, but this has to be paid back - with interest - and that can influence wider tax and ...
Gilt-edged securities, also referred to as gilts, are bonds issued by the UK Government. The term is of British origin, and then referred to the debt securities issued by the Bank of England on behalf of His Majesty's Treasury, whose paper certificates had a gilt (or gilded) edge, hence the name.
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Government borrowing was much higher than expected in October, as debt interest payments hit a record high for the month and public sector pay rises contributed to higher spending. Borrowing - the ...