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Most of this outlay has been recouped over the years. As at October 2021, the UK Office for Budget Responsibility reported the cost of these interventions as £33 billion, comprising a loss of £35.5 billion on the NatWest (formerly Royal Bank of Scotland) rescue, offset by some net gains elsewhere. [1]
As the UK did not leave the EU on 29 March 2019, the UK continued to contribute to the EU as a member. Article 50 was extended until 31 October 2019 and the UK's contributions for the period from 30 March to 31 October 2019 were £5 billion, leaving an estimated £32.8 billion (€36.3 billion) remaining to be settled at 31 October 2019. [35]
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. Other kinds of welfare payment such as Universal Credit sum to £83 billion, while £35 billion is spent on disability benefits. [5] [6]
[15] [16] In July 2007, Britain had government debt at 35.5% of GDP. [16] This figure rose to 56.8% of GDP by July 2009. [17] As of June 2023 the British national debt sits at 100.1% of GDP. Public sector net debt at the end of May 2023 was £2,567.2 billion. [18]
"By the age of 35, you should have saved at least twice your annual salary," he says. "So, for example, if you’re earning $50,000 per year, you should aim to have at least $100,000 in savings by ...
Almost 27% of respondents said they have between $10,000 to $50,000 in retirement savings, but only 3% of respondents polled have more than $750,000 saved for retirement.