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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 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.
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.
Expenditure-based GDP is total final expenditures at purchasers' prices (including the f.o.b. value of exports of goods and services), less the f.o.b. value of imports of goods and services. Revenue consists of taxes, social contributions, grants receivable, and other revenue.
Pie chart of UK central government expenditure, 2016–17. Debt interest is shown in dark green. Social protection includes pensions and welfare. [8] The UK national debt is often confused with the government budget deficit (officially known as the Public Sector Net Cash Requirement (PSNCR)).
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.
In the UK the majority of the healthcare sector consists of the state funded and operated National Health Service (NHS), which accounts for over 80% of all healthcare spending in the UK and has a workforce of around 1.7 million, making it the largest employer in Europe, and putting it amongst the largest employers in the world.
The budget was the first for government expenditure in the United Kingdom to exceed £1 trillion [citation needed]. It was confirmed on the previous day that the Coronavirus Job Retention Scheme and the Self Employment Income Support Scheme had been extended to 30 September 2021.