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In 2009, the UK produced 1.5 million barrels per day (bbl/d) of oil and consumed 1.7 million bbl/d. [167] Production is now in decline and the UK has been a net importer of oil since 2005. [167] As of 2010 the UK has around 3.1 billion barrels of proven crude oil reserves, the largest of any EU member state. [167]
In 2017, due to the Government's budget deficit , the national debt increased by £46 billion. [3] The Cameron–Clegg coalition government in 2010 planned that they would eliminate the deficit by the 2015/16 financial year. [4] However, by 2014 they admitted that the structural deficit would not be eliminated until the financial year 2017/18. [5]
The office made adjustments to its forecasts in the week before the June 2010 budget. These were thought to be politically favourable to the coalition government and so cast doubt on its independence. [33] In July 2010 it was announced that Budd would not continue in the role after his initial 3-month contract expired.
World map by current account balance (% of GDP), 2023, according to World Bank [1]. This is the list of countries by current account balance, expressed in current U.S. dollars and as percentage of GDP, based on the data published by World Bank, United Nations Conference on Trade and Development and Organisation for Economic Co-operation and Development.
The Office for National Statistics said the UK’s total trade deficit fell to £7.8bn in July from £11.4bn in June.
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 UK's external deficit is a worry and there are questions over the country's competitiveness long-term, although a resilient labour market is a positive, senior analysts at S&P Global said on ...
The 0.6% output decline in June marked the biggest monthly fall since January 2021.