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Pie chart of UK government spending, 2023–24. [2]The most significant area of government spending is welfare (£341 billion in financial year 2023-24), [2] with the largest single element of this being for the State Pension, which totals £124 billion.
Since autumn 2017 the United Kingdom budget typically takes place in the Autumn in order to allow major tax changes to occur annually, well before the start of the fiscal year. [2] The most recent budget was presented by Rachel Reeves on 30 October 2024. The UK fiscal year ends on 5 April each year. The financial year ends on 31 March of each year.
Spending by the UK in the US, on everything from food to munitions, occupied 40% of total British war expenditure by 1916. [173] The banking house J.P. Morgan & Co. won a concession in January 1915 to act as the sole purchasing agent for the Admiralty and War Department in the United States. $20 billion worth of trade was undertaken in this way ...
In the 20-year period from 1986/87 to 2006/07 government spending in the United Kingdom averaged around 40% of GDP. [15] As a result of the 2007–2008 financial crisis and the Great Recession, government spending increased to a historically high level of 48% of GDP in 2009–10, partly as a result of the cost of a series of bank bailouts.
The welfare state represents around two-thirds of total government spending. [needs update] The welfare state of the United Kingdom began to evolve in the 1900s and early 1910s, and comprises expenditures by the government of the United Kingdom of Great Britain and Northern Ireland intended to improve health, education, employment and social ...
The government pledged to develop full UK Environmental Accounts by 2020. In December 2012, the Office for National Statistics (ONS) in partnership with the Department for Environment, Food and Rural Affairs (Defra) published a 'roadmap' that set out the timeline for the project to incorporate natural capital into the national accounts.
Prior to the 20th century, the leader of the British government held the title of First Lord of the Treasury, and not that of Prime Minister of the United Kingdom. Therefore, the list below refers to the "Head of Government" and not the "Prime Minister". Even so, the leader of a government was often colloquially referred to as the "prime ...
The United Kingdom government austerity programme was a fiscal policy that was adopted for a period in the early 21st century following the era of the Great Recession. Coalition and Conservative governments in office from 2010 to 2019 used the term, and it was applied again by many observers to describe Conservative Party policies from 2021 to ...