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Pie chart of UK government spending, 2023-24. [2]The most significant area of government spending is welfare (£341 billion in financial year 2023-24), [2] with the largest single element of this being for the State Pension, which totals £124 billion.
The period of fiscal year. The UK fiscal year ends on 5 April each year, while in the United States it begins on 1 October and ends on 30 September the following year. The person that the budget document begins with. In the UK, Budgets are usually set once every year and are announced in the House of Commons by the Chancellor of the Exchequer.
Global map of total central government revenues, as share of GDP, 2022 [1] Global map of total central government expenditures, as share of GDP, 2022 [2] This is the list of countries by government budget. The list includes sovereign states and self-governing dependent territories based upon the ISO standard ISO 3166-1.
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]
A pie chart showing the projected constituents of UK government expenditure for the tax year 2009-10, according to the Pre-Budget Report 2009.. HM Treasury [] "Chart 1.1: Government Spending By Function" in Pre-Budget Report 2009 (pdf), p. page 12 Retrieved on 31 December 2009.
Rachel Reeves will present the new Labour Government’s tax and spending plans on October 30, as she seeks to close a £40 billion gap in the public finances to avoid a return to austerity.
Pie chart of UK central government expenditure, 2009–10.Social Protection is shown in orange, health in red, education in grey, and personal services in light blue. The welfare state represents around two-thirds of total government spending.
The legislation would also include $2.5 trillion in cuts to net mandatory spending, aimed at satisfying conservative members who oppose increasing the debt ceiling without accompanying cuts.