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During his speech, Hunt confirmed that the Office for Budget Responsibility had predicted the UK would avoid entering recession during 2023, but that the economy would shrink by 0.2%. Economic growth of 1.8% was predicted for 2024, rising to 2.5% in 2025 then falling slightly to 2.1% in 2026.
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.
Brings UK military spending to 2.25% of GDP by 2025, says chancellor. For premium support please call: 800-290-4726 more ways to reach us
An additional £6 billion investment was announced as part of the 2023 budget for a total investment of £11 billion to be made over the next five years. The government stated its ambition was to raise defence spending from 2.2% to 2.5% of GDP "once fiscal and economic conditions allow". [44]
In 2023, 11 Nato countries met this pledge, including the UK, the US and Poland. The latest annual report from Nato Secretary General Jens Stoltenberg suggests that in 2024, this number is likely ...
Chancellor Jeremy Hunt says UK will avoid recession but Labour’s Sir Keir Starmer accuses him of dressing up stagnation as stability Budget 2023 – live updates: Pension lifetime allowance and ...
An extra £2bn announced for schools for both 2023‑24 and 2024–25. [19] Equivalent funding announced for devolved governments in Scotland, Wales and Northern Ireland. [19] Defence spending to remain at 2% of national income. [19] Spending on overseas aid to be kept at 0.5% of national income, below the official 0.7% target. [19]
That would mean that UK defence spending reaches around £87.1 billion in the year ending March 2031, some £23 billion higher than in the year ending March 2025.