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The UK fiscal year ends on 5 April each year. The financial year ends on 31 March of each year. Thus, the UK budget for financial year 2021 runs from 1 April 2021 to 31 March 2022 and is often referred to as 2021–22. Historically, the budget was usually released in March, less than one month before the beginning of the new fiscal year.
Economic growth was forecast to be 2% for 2026, 1.8% for 2027 and 1.7% for 2028, while the UK's rate of inflation was estimated to fall below the Bank of England's 2% target by the end of June 2024, and would then fall to 1.5% in 2025. Public debt, excluding Bank of England debt, was forecast to be 91.7% of GDP in 2024, rising to 92.8% in 2025 ...
The Office for Budget Responsibility (OBR) is a non-departmental public body funded by the UK Treasury that provides independent economic forecasts and independent analysis of the public finances. It was formally created in May 2010 following the general election and was placed on a statutory footing in 2011.
Deutsche Bank said the pandemic would 'permanently scar government balance sheets' as it forecast a budget deficit of 13.4% in the UK this year.
On Wednesday, the OECD said that UK interest rates, which currently stand at 4.75%, are expected to fall back to 3.5% by early 2026. It said that this was partly due to higher than expected inflation.
The October 2024 United Kingdom budget presented by Rachel Reeves Topics referred to by the same term This disambiguation page lists articles associated with the title 2024 United Kingdom budget .
The budget addressed the ongoing cost of living crisis, [2] and saw the announcement of a five-year package of tax increases and spending cuts designed to steer the UK through recession. An economic forecast published on the same day by the Office for Budget Responsibility (OBR) stated the UK had entered a recession after experiencing two ...
The UK government has spent more than it has raised in taxation since financial year 2001-02, [3] creating a budget deficit and leading to growing debt interest payments. Average government spending per person is higher in Scotland, Wales and Northern Ireland than it is in England.