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The United Kingdom national debt is the total quantity of money borrowed by the Government of the United Kingdom at any time through the issue of securities by the British Treasury and other government agencies. At the end of March 2023, UK general government gross debt was £2,537.0 billion, or 100.5% gross domestic product. [2]
In its report, published at the same time as the autumn statement, the Office for Budget Responsibility (OBR) concluded the UK had entered a recession after experiencing two quarters in which the economy had shrunk. While predicting an overall growth of 4.2% for 2022, the OBR forecast the economy would shrink by around 1.4% during 2023.
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 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.
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UK interest rates rise from 1.75 to 2.25%, the biggest increase in 27 years, as the Bank of England attempts to curb inflation. [504] The UK government announces a 1.25% rise in National Insurance contributions will be reversed from 6 November. The planned Health and Social Care Levy will also be scrapped.
In his budget speech in March 2011 Chancellor of the Exchequer, George Osborne stated that "Our fiscal mandate is to achieve a cyclically-adjusted current balance by the end of the rolling five year forecast period – which is currently 2015–16" [3] but having failed to do this by 2015 his revised aim was to balance the books by 2020.
The total UK public debt exceeds £2 trillion (which is equivalent to 85% of GDP). [ 9 ] [ 10 ] In 2016, Wales spent £14.7 billion more than it was allowed to gather in local revenue, which decreased to £13.7 billion for the 2018–19 fiscal year, due to a reduction in public spending.