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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]
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]
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 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 ...
Britain faces a hole in its budget, with fears cheap borrowing and eventual recovery may not fully close the gap in years to come. Coronavirus: What it means for UK government borrowing and taxes ...
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 ...
Data from the Office for National Statistics shows the UK economy grew by 0.1% in February, which is attributed to increases in production and manufacturing. [321] The British government advises against all travel to Israel and Palestinian territories due to the imminent threat of an Iranian attack. [322] 13 April
The Coronavirus Job Retention Scheme (CJRS) was a furlough scheme announced by Rishi Sunak, the Chancellor of the Exchequer, on 20 March 2020, during the COVID-19 pandemic in the United Kingdom. [1] The scheme was announced as providing grants to employers to pay 80% of a staff wage and employment costs each month, up to a total of £2,500 per ...