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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]
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]
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 ...
1 September – Revised data from the Office for National Statistics for the final three months of 2021 indicate the UK economy grew more strongly following the pandemic than had previously been suggested, with figures showing an 0.6% increase rather than a 1.2% decrease.
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 ...
17 July – Leaked text messages exchanged between Welsh Government ministers during the COVID-19 pandemic are handed to the UK COVID-19 Inquiry. [74] 18 July – The first report in to the COVID-19 pandemic identifies significant flaws in the UK's pandemic planning strategy which led to a higher number of deaths and a greater economic cost ...
Government borrowing was much higher than expected in October, as debt interest payments hit a record high and public sector pay rises contributed to higher spending. Borrowing - the difference ...
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 ...