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The UK's rate of inflation was predicted to fall to 2.9% by the end of 2023, down from 10.7% in the final three months of 2022, while underlying debt was forecast to be 92.4% of GDP in 2023, rising to 93.7% in 2024.
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.
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]
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
The UK has announced a massive boost in defense spending -- £16.5 billion ($21.8BN) over four years, the biggest such spending bump for 30 years -- in what prime minister Boris Johnson has ...
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.
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]
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