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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 ...
“While the public sector net borrowing figure was much higher than the £14.1 billion consensus estimate, the UK 10-year gilt yield was unchanged at 4.594 per cent which implies the bond market ...
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 ...
The government is spending more on public services than it raises in tax. To bridge this gap it borrows money, but this has to be paid back - with interest - and that can influence wider tax and ...
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.
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 ...
Funds from NS&I have historically been a relatively cheap source of government borrowing. NS&I sets interest rates both to attract savers and provide low-cost finance for the government, and 100% of any individual's savings are guaranteed by HM Treasury; rules are in place to ensure that it does not offer market-leading products that would ...