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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 ...
Borrowing since March stands at £113.2bn, which is the third highest financial year-to-November borrowing since monthly records began in 1993. [BBC] The total amount the government owes is called ...
The UK government’s borrowing costs continue to rise, hitting the highest level since the financial crisis.. Ten-year bonds hit yields of 4.89 per cent today, the highest since 2008 when they ...
The UK's rate of inflation was predicted to fall to 2.9% by the end of 2023, down from 10.7% in the final three months of 2022, while underlying debt was forecast to be 92.4% of GDP in 2023, rising to 93.7% in 2024. [14] [15] Government borrowing for 2022–23 was forecast to be £152bn. [16]
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 ...
The UK government has spent more than it has raised in taxation since financial year 2001-02, [3] creating a budget deficit and leading to growing debt interest payments. Average government spending per person is higher in Scotland, Wales and Northern Ireland than it is in England.
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 ...
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