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Borrowing between March and December 2024 stands at £129.9bn, which is £8.9bn more than for the same period a year earlier. The total amount the government owes is called the national debt.
Economists had predicted government borrowing to be around £13bn for November, meaning the actual figure of £11.2bn was lower than expected, and £3.4bn lower than the same month last year.
As borrowing costs rise, the government has less money to spend on the country’s creaking National Health Service, military, emergency services and schools. ... Reserve to keep interest rates ...
“The rise in gilt yields since the early autumn appears to largely be the result of global factors, rather than any decision the U.K. government has taken in recent weeks or months, and appears to largely reflect market expectations for higher central bank interest rates in the years ahead,” the Institute for Fiscal Studies, a think tank ...
UK government bonds - known as "gilts" - are normally considered very safe, with little risk the money will not be repaid. They are mainly bought by financial institutions, such as pension funds.
UK Government borrowing was forecast to fall from 4.5% of GDP in 2023–24 to 3% in 2024–25, followed by 2.7% in 2025–26, 2.3% in 2026–27, 1.6% in 2027–28 and 1.1% in 2028–29. [ 19 ] Addressing the House of Commons , Hunt said his autumn statement would contain 110 growth measures, with the government having "taken difficult decisions ...
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 ...
The Public Sector Net Cash Requirement (PSNCR), formerly known as the Public Sector Borrowing Requirement (PSBR), is the official term for the Government budget deficit in the United Kingdom, that is to say the rate at which the British Government must borrow money in order to maintain its financial commitments.