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“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 ...
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 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 ...
The Office for National Statistics said public sector net borrowing was up £10.1bn on a year earlier ... It comes after volatility in the UK government bond market at the start of the year, which ...
The annual amount that the government must borrow to plug the gap in its finances used to be known as the public sector borrowing requirement, but is now called the Public Sector Net Cash Requirement (PSNCR). The PSNCR figure for the financial year end 2017 was £46 billion, [3] total British GDP in 2017 was £1.959 trillion. [23]
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 ...
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 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]