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On 28 March, Fitch Ratings downgraded the UK's government debt rating from AA to AA−, because of coronavirus borrowing, economic decline, and lingering uncertainty over Brexit. The ratings agency believed the UK's government deficit for 2020 might equal 9% of gross domestic product (GDP), compared to 2% the previous year. [87]
Britain faces a hole in its budget, with fears cheap borrowing and eventual recovery may not fully close the gap in years to come. Coronavirus: What it means for UK government borrowing and taxes ...
The most recent monthly figures show the government borrowed £11.2bn in November 2024, which was £3.4bn lower than the same month last year and the lowest November figure since 2021.
The British government debt is rising due to a gap between revenue and expenditure. Total government revenue in the fiscal year 2015/16 was projected to be £673 billion, whereas total expenditure was estimated at £742 billion. Therefore, the total deficit was £69 billion. This represented a rate of borrowing of a little over £1.3 billion ...
NHS England coronavirus poster, February 2020 [22] NHS England poster for the "Catch it, Bin it, Kill it" slogan which has been revived in the fight against COVID-19. The first published government statement on the COVID-19 situation in Wuhan was released on 22 January 2020 by the Department of Health and Social Care and Public Health England. [23]
Interest payments on government debt hit £9.1bn last month, the highest October figure since monthly records began in 1997. The ONS figures also showed government spending on pay was up £2.2bn ...
The UK government intensified its efforts to respond to the cost-of-living crisis in May 2022, with a £5 billion windfall tax on energy companies to help fund a £15 billion support package for the public. The package included every household getting a £400 discount on energy bills, which would be in addition to a £150 council tax refund the ...
UK government bonds - known as "gilts" - are normally considered very safe, with little risk the money will not be repaid. They are mainly bought by financial institutions, such as pension funds.