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The British government debt is rising due to a gap between revenue and expenditure. Total government revenue in the fiscal year 2015/16 was projected to be £673 billion, whereas total expenditure was estimated at £742 billion. Therefore, the total deficit was £69 billion. This represented a rate of borrowing of a little over £1.3 billion ...
The yield on a 10-year bond has surged to its highest level since 2008, while the yield on a 30-year bond is at its highest since 1998, meaning it costs the government more to borrow over the long ...
In the 20-year period from 1986/87 to 2006/07 government spending in the United Kingdom averaged around 40% of GDP. [15] As a result of the 2007–2008 financial crisis and the Great Recession, government spending increased to a historically high level of 48% of GDP in 2009–10, partly as a result of the cost of a series of bank bailouts.
Government borrowing jumped to £17.8bn in December, the highest level in four years and £3.2bn more than forecast. The deficit was the highest for any December since 2020 - the height of the ...
In the list below, government debt is measured for the general government sector because the level of government responsible for programs (for example, health care) differs across countries, and the general government comprises central, state, provincial, regional, and local governments, and social security funds. [1]: 18, s2.58, s2.59
As borrowing costs rise, the government has less money to spend on the country’s creaking National Health Service, military, emergency services and schools. ... to keep interest rates higher for ...
Debt interest has grown as a proportion of government spending in the last few years as a result of rising interest rates, and increased debt due to primarily to the cost of the Covid pandemic. [10] In financial year 2018–19, debt interest was £43 billion - around 5% of total government spending [11] compared to around 10% in 2023–24.
The UK government’s borrowing costs continue to rise, hitting the highest level since the financial crisis. Ten-year bonds hit yields of 4.89 per cent today, the highest since 2008 when they ...