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Interest payments on UK national debt as percentage of GDP, 1900-2011. Distinct from both the national debt and the PSNCR is the interest that the government must pay to service the existing national debt. In 2012, the annual cost of servicing the public debt amounted to around £43bn, or roughly 3% of GDP. [11]
Debt interest has grown as a proportion of government spending in the last few years as a result of rising interest rates, and increased debt due to primarily to the cost of the Covid pandemic. [10] In financial year 2018-19, debt interest was £43 billion - around 5% of total government spending [11] compared to around 10% in 2023-24.
Economic growth of 1.8% was predicted for 2024, rising to 2.5% in 2025 then falling slightly to 2.1% in 2026. The UK's rate of inflation was predicted to fall to 2.9% by the end of 2023, down from 10.7% in the final three months of 2022, while underlying debt was forecast to be 92.4% of GDP in 2023, rising to 93.7% in 2024.
[1]: 81 A debt instrument is a financial claim that requires payment of interest and/or principal by the debtor to the creditor in the future. Examples include debt securities (such as bonds and bills), loans, and government employee pension obligations. [1]: 207 Net debt equals gross debt minus financial assets that are debt instruments.
In July, the rate hit its highest level of 2024 — 4.3% — and triggered a closely tracked recession indicator known as the Sahm Rule. Typically, the rule suggests the US economy has entered a ...
The year 2024 was one for the history books, and 538's visual journalists and reporters were hard at work explaining the data behind the news with visualizations and interactives.
The March 2024 United Kingdom budget was delivered to the House of Commons by Jeremy Hunt, the Chancellor of the Exchequer, on 6 March 2024. [1] [2] It was the second budget presented by Hunt since his appointment as Chancellor, the last to be delivered during his tenure as chancellor and the last budget to be presented by the Conservative government of Rishi Sunak before the party was ...
As of Dec. 24, 2024, the debt has climbed to nearly $36.3 trillion, a $2.5 trillion increase within the past 12 months. If the average daily rate of debt growth over the past three year