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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]
“While the public sector net borrowing figure was much higher than the £14.1 billion consensus estimate, the UK 10-year gilt yield was unchanged at 4.594 per cent which implies the bond market ...
The most recent monthly figures from the Office for National Statistics (ONS) show that the government borrowed £17.8bn in December 2024 - £10.1bn more than in December 2023, and the highest ...
Borrowing in the financial year so far is £129.9 billion, £8.9 billion more than the same period a year earlier and the second-highest financial year-to-December borrowing since monthly records ...
The UK government intensified its efforts to respond to the cost-of-living crisis in May 2022, with a £5 billion windfall tax on energy companies to help fund a £15 billion support package for the public. The package included every household getting a £400 discount on energy bills, which would be in addition to a £150 council tax refund the ...
The two austerity periods are separated by increased spending during the COVID-19 pandemic. The first period was one of the most extensive deficit reduction programmes seen in any advanced economy since the Second World War, with emphasis placed on shrinking the state, rather than consolidating fiscally as was more common elsewhere in Europe. [2]
But Britain is particularly exposed because of the state of its economy and high levels of government debt. Consumer price inflation dipped to 2.5% in the 12 months through December, from 2.6% the ...
The COVID-19 Genomics UK Consortium will deliver large-scale, rapid whole genome sequencing of the virus that causes the disease and £260 million to the Coalition for Epidemic Preparedness Innovations to support vaccine development. [142] [143] In April, the UK Government launched a task force to help develop and roll out a coronavirus vaccine.