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Interest payments on UK national debt as percentage of GDP, 1900-2011. Distinct from both the national debt and the PSNCR is the interest that the government must pay to service the existing national debt. In 2012, the annual cost of servicing the public debt amounted to around £43bn, or roughly 3% of GDP. [11]
There was some discussion about the actual size of the UK's debt after it emerged the government had changed the way debt is calculated. On 10 November, the Progressive Economy Forum, a centre-left think tank, questioned the actual size of the "black hole" and whether tax rises and austerity measures would be needed to fill it. The think tank ...
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.
[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.
S&P's top European sovereign analyst Frank Gill told Reuters that the UK's external deficit was a worry, as was the country's long-term competitiveness. "There are long term questions about the ...
On 23 September 2022, the Chancellor of the Exchequer, Kwasi Kwarteng, delivered a Ministerial Statement entitled "The Growth Plan" to the House of Commons. [1] [2] Widely referred to in the media as a mini-budget (it not being an official budget statement), it contained a set of economic policies and tax cuts such as bringing forward the planned 1% cut in the basic rate of income tax to 19% ...
Markets have since stabilised with focus turning to new finance minister Jeremy Hunt's Nov. 17 plan aimed at bringing down public debt. UPDATE 1-UK external deficit a worry, Italy fiscal plan ...
The Office for Budget Responsibility warned that debt could jump by nearly 320% in 50 years’ time if taxes are not increased. UK faces risk of recession from cost crunch and ballooning debt ...