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During his speech, Hunt confirmed that the Office for Budget Responsibility had predicted the UK would avoid entering recession during 2023, but that the economy would shrink by 0.2%. Economic growth of 1.8% was predicted for 2024, rising to 2.5% in 2025 then falling slightly to 2.1% in 2026.
For the financial year 2023–24, total government spending is expected to be £1,189 billion. [2] 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.
The UK fiscal year ends on 5 April each year. The financial year ends on 31 March of each year. Thus, the UK budget for financial year 2021 runs from 1 April 2021 to 31 March 2022 and is often referred to as 2021–22. Historically, the budget was usually released in March, less than one month before the beginning of the new fiscal year.
From April 2023, the basic rate of income tax will be cut from 20% to 19% and will mean 31 million people will be better off by an average of £170 per year. The additional rate of tax will also ...
15 March – Chancellor of the Exchequer Jeremy Hunt presents the 2023 budget to the House of Commons. [77] [78] 16 March – The UK government announces that TikTok is to be banned on electronic devices used by ministers and other employees, amid security concerns relating to the Chinese-owned app's handling of user data. [79]
21 June – UK inflation figures for May 2023 show it remained higher than expected, at 8.7%. [447] 22 June The Bank of England raises the official bank rate from 4.5% to 5%, the 13th consecutive rise, and a greater increase than economists had expected. [448] The RMT announces three fresh days of strike action for 20, 22 and 29 July. [449] 23 June
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Moreover, the OBR indicated that higher inflation would mean that in real terms, the value of departmental budgets would be £19bn lower by 2027–28 compared with its March 2023 forecasts. The UK's underlying debt was forecast to be at 91.6% of GDP in 2023–24, 92.7% in 2024–25, and 93.2% in 2026–27, before falling to 92.8% in 2028–29.