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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]
Extension of the Coronavirus Job Retention Scheme and Self Employment Income Support Scheme until the end of September; £1.65 billion injection into the COVID-19 vaccine roll-out in England; £28 million to increase the UK's capacity for vaccine testing, clinical trials and improve the UK's ability to acquire samples of new variants of SARS-CoV-2
Figures show the rate of UK unemployment rose to 4.2% between December 2023 and March 2024, its highest level for six months. [334] EasyJet cancels all flights to and from Tel Aviv for the whole of the summer, citing safety concerns following Iran's drone and missile attack on Israel. [335]
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 ...
The Office for National Statistics (ONS) published the latest official data on the UK labour market on Tuesday. Coronavirus: Official jobs figures show UK unemployment rose in February Skip to ...
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 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.
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 ...