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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. [14] [15] Government borrowing for 2022–23 was forecast to be £152bn. [16]
5 January – The UK government confirms it will not go ahead with a plan to privatise Channel 4. [2] 9 January – A new scheme to support businesses with the cost of energy bills is outlined in the House of Commons to replace existing support due to end in March. The scheme will replace capped energy bills with a wholesale discount on gas and ...
Chancellor of the Exchequer Jeremy Hunt presents the 2023 United Kingdom budget to the House of Commons, and says that the UK will avoid going into recession in 2023. [178] The UK government commits to invest £20bn over the next 20 years in low-carbon energy projects, focusing on carbon capture and storage. [179]
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]
The period of fiscal year. The UK fiscal year ends on 5 April each year, while in the United States it begins on 1 October and ends on 30 September the following year. The person that the budget document begins with. In the UK, Budgets are usually set once every year and are announced in the House of Commons by the Chancellor of the Exchequer.
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.
June 30, 2023. Student loan debt relief has been on pause and under review of the Supreme Court since Nov. 2022. If the program is approved or a decision isn’t made by the Supreme Court before ...
An Act to authorise the use for the public service of certain resources for the years ending 31 March 2023 and 2024 (including, for the year ending 31 March 2023, income); to authorise the issue out of the Consolidated Fund of Northern Ireland of certain sums for the service of those years; to authorise the use of those sums for specified ...