Search results
Results From The WOW.Com Content Network
The United Kingdom national debt is the total quantity of money borrowed by the Government of the United Kingdom at any time through the issue of securities by the British Treasury and other government agencies. At the end of March 2023, UK general government gross debt was £2,537.0 billion, or 100.5% gross domestic product. [2]
Debt interest has grown as a proportion of government spending in the last few years as a result of rising interest rates, and increased debt due to primarily to the cost of the Covid pandemic. [10] In financial year 2018–19, debt interest was £43 billion - around 5% of total government spending [11] compared to around 10% in 2023–24.
The ONS said surging levels of inflation sent interest payments on government debt to a May record of £7.6 billion. Skip to main content. News. 24/7 help. For premium support please call: 800-290 ...
The national debt servicing cost is 50% more than the £5.1bn forecast by the Office for Budget Responsibility. Interest spikes UK debt to record £7.6bn in May Skip to main content
Economic growth of 1.8% was predicted for 2024, rising to 2.5% in 2025 then falling slightly to 2.1% in 2026. 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.
The Office for National Statistics said government borrowing hit £27.4 billion last month.
English: This chart shows UK debt as a percentage of GDP (1993-2023). This chart uses data from the Office for National Statistics (ONS). This chart uses data from the Office for National Statistics (ONS).
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.