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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.
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.
The Office for Budget Responsibility (OBR) is a non-departmental public body funded by the UK Treasury that provides independent economic forecasts and independent analysis of the public finances. It was formally created in May 2010 following the general election and was placed on a statutory footing in 2011.
In financial year 2018–19, debt interest was £43 billion - around 5% of total government spending [11] compared to around 10% in 2023–24. HM Treasury controls the overall budget for administration [12] in central government, which largely comprises staff costs. In 2023–24, this totalled £14 billion. [13]
21 June – UK inflation figures for May 2023 show it remained higher than expected, at 8.7%. [447] 22 June The Bank of England raises the official bank rate from 4.5% to 5%, the 13th consecutive rise, and a greater increase than economists had expected. [448] The RMT announces three fresh days of strike action for 20, 22 and 29 July. [449] 23 June
This article is a list of the frontbench under Sir Keir Starmer; for a full list of current and previous ministers of this government, see Starmer ministry. Political offices in the UK government Arms of the British Government
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This is a list of members of Parliament (MPs) elected to the House of Commons of the United Kingdom by English constituencies for the Fifty-Eighth Parliament of the United Kingdom (2019–2024). It includes both MPs elected at the 2019 general election , held on 12 December 2019, and those subsequently elected in by-elections .