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In financial year 2018–19, debt interest was £43 billion - around 5% of total government spending [11] compared to around 10% in 2023–24. HM Treasury controls the overall budget for administration [12] in central government, which largely comprises staff costs. In 2023–24, this totalled £14 billion. [13]
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 ...
The UK government had developed a pandemic response plan in previous years. In response to the first confirmed COVID-19 cases in January 2020, the UK introduced advice for travellers coming from affected countries in late January and February 2020, and began contact tracing, although this was later abandoned. [1]
The UK government generally spends more than it raises in tax. To fill this gap it borrows money, but that has to be paid back - with interest. The government gets most of its income from taxes ...
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 the U.K.’s 10-year bonds, a reflection of the price investors demand for financing the country’s debt, has risen by more than 1.1 percentage points since Sept. 16 on concerns over ...
The ONS estimated that full-year public sector net borrowing was £120.7 billion in 2023-24, £6.6 billion more than predicted. UK annual government borrowing higher than forecast in blow to ...
On 28 March, Fitch Ratings downgraded the UK's government debt rating from AA to AA−, because of coronavirus borrowing, economic decline, and lingering uncertainty over Brexit. The ratings agency believed the UK's government deficit for 2020 might equal 9% of gross domestic product (GDP), compared to 2% the previous year. [87]