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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 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 government has spent more than it has raised in taxation since financial year 2001–02, [3] creating a budget deficit and leading to growing debt interest payments. Average government spending per person is higher in Scotland, Wales and Northern Ireland than it is in England.
Britain's external deficit is a worry and there are questions over the country's competitiveness long-term, while the new Italian government's medium-term fiscal plan appears "realistic", senior ...
The primary deficit is defined as the difference between current government spending on goods and services and total current revenue from all types of taxes net of transfer payments. The total deficit (which is often called the fiscal deficit or just the 'deficit') is the primary deficit plus interest payments on the debt. [8]
The 2023 British Grand Prix (officially known as the Formula 1 Aramco British Grand Prix 2023) was a Formula One motor race that was held on 9 July 2023 at the Silverstone Circuit in Northamptonshire, England. It was the tenth round of the 2023 Formula One World Championship.
The British Grand Prix is a Grand Prix motor racing event organised in the United Kingdom by Motorsport UK.First held by the Royal Automobile Club (RAC) in 1926, the British Grand Prix has been held annually since 1948 and has been a round of the FIA Formula One World Championship every year since 1950.
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 ...