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The 2018 United Kingdom budget was delivered by Philip Hammond, the Chancellor of the Exchequer, to the House of Commons on Monday, 29 October 2018. It was Hammond's third as Chancellor of the Exchequer since being appointed to the role in July 2016, and his last before being replaced by Sajid Javid by means of Boris Johnson's cabinet reshuffle ...
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.
A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money.
In financial year 2018–19, debt interest was £43 billion - around 5% of total government spending [11] compared to around 10% in 2023–24. HM Treasury controls the overall budget for administration [12] in central government, which largely comprises staff costs. In 2023–24, this totalled £14 billion.
17 June – The UK government announces an extra £20bn for the NHS by 2023, a budget increase of 3.4% a year. [55] However, this is less than the average 3.7% the NHS had over the previous 70 years. The plan is also criticized by former Treasury officials, who cast doubt on the idea of a "Brexit dividend" and say the extra public spending will ...
In 2018, this reduced the annual servicing cost to approximately £30 billion (approx 2% of GDP, approx 5% of UK government tax income). In 2017, due to the Government's budget deficit ( PSNCR ), the national debt increased by £46 billion. [ 3 ]
The Spring Statement for 2019 took place in March 2019. In 2020 the spring statement was upgraded to a full budget following cancellation of autumn 2019's budget. [1] [2] and additional statements were made in summer and autumn 2020. [3] In 2021 the spring statement was also replaced by a full budget. [4]
In 2018 the Office for Budget Responsibility (OBR) predicted that in 2018–19, public sector debt would fall as a share of national income for the first time since 2001–02, while tax revenues would exceed public spending. Hammond's 2018 Spring Statement suggested that austerity measures could be reduced in the Autumn Budget of that year