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The UK fiscal year ends on 5 April each year. 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.
[6] [7] [8] It is expected that unemployment will peak at 6.5% (an improvement on the previous estimate of 11.9%) and that the budget deficit will reach £355 billion in 2021, or 17% of GDP, the highest level in peacetime. [8] Measures in the budget include: [7] [9]
Average government spending per person is higher in Scotland, Wales and Northern Ireland than it is in England. In financial year 2021–22, spending per head in England was £15.2k, whereas in Scotland it was £17.7k, in Wales it was £16.9k and in Northern Ireland it was £17.5k. [4]
In his budget speech in March 2011 Chancellor of the Exchequer, George Osborne stated that "Our fiscal mandate is to achieve a cyclically-adjusted current balance by the end of the rolling five year forecast period – which is currently 2015–16" [3] but having failed to do this by 2015 his revised aim was to balance the books by 2020.
Wales' net fiscal deficit increased from £14.4 billion in 2020 to £25.9 billion in 2021. All countries and regions in the UK had a fiscal deficit in 2021, which included the North West of England at £49.9 billion; Scotland at £36 billion; Northern Ireland at £18 billion; London at £7.2 billion. [4] Net fiscal balance by UK nation and ...
A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money.
The Congressional Budget Office estimated on Tuesday a U.S. federal deficit of $1.834 trillion for fiscal 2024, the highest in the post-COVID era, as debt interest costs jumped sharply and outlays ...
A UK government budget surplus in 2001-2 was followed by many years of budget deficit, [16] and following the 2008 financial crisis, a period of economic recession began in the country. The first austerity measures were introduced in late 2008. [17]