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The national debt stood at £1.786 trillion at the calendar year end 2018, or 85.2% of GDP; as published by the Office for National Statistics. [23] However, the OECD claimed the national debt to be 118.3% of GDP as of 5 January 2021 [24]
[15] [16] In July 2007, Britain had government debt at 35.5% of GDP. [16] This figure rose to 56.8% of GDP by July 2009. [17] As of June 2023 the British national debt sits at 100.1% of GDP. Public sector net debt at the end of May 2023 was £2,567.2 billion. [18]
[1]: 81 A debt instrument is a financial claim that requires payment of interest and/or principal by the debtor to the creditor in the future. Examples include debt securities (such as bonds and bills), loans, and government employee pension obligations. [1]: 207 Net debt equals gross debt minus financial assets that are debt instruments.
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.
Councils collected £14.88 billion in business rates in the past year but saw arrears balloon by more than £1 billion.
The national debt is expected to rise from 88.8% of GDP in 2021 to 93.8% in 2022, 97.1% in 2023–24, 97% in 2024–2025 and 96.8% in 2025–2026; The Office for Budget Responsibility has estimated a budget deficit of £394 billion in 2020–21
Find: Government Shutdown 2021 — These Services Will Be Inaccessible If Debt Ceiling Isn’t Raised by Dec. 15 One way to look at it is this: On Dec. 3, the government’s checking account ...
If the average daily rate of debt growth over the past three years continues, the gross national debt will reach $37 trillion within 5 months, $39.2 trillion in 2026, and $40.95 trillion in 2027 ...