Overseas aid spending has also been cut. Sunak is due to hold a review of government spending before the end of the year. The IFS think tank said that although the short-run outlook for the public finances was better than in March - giving scope for one-off giveaways - the long-term prospects pointed to spending cuts for some government ministries unless taxes rise.
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Corporate Account. Statista Accounts: Access All Statistics. Basic Account. You only have access to basic statistics. Single Account. Tell us whether you accept cookies We would like to use cookies to collect information about how you use ons. Accept all cookies. Set cookie preferences. Table of contents Main points Government debt Government deficit UK government debt and deficit data Glossary Measuring the data Strengths and limitations Related links.
View all data used in this Statistical bulletin. This is around two and a half times higher than that at the end of the financial year ending March , the year of the global financial crisis Figure 1: Debt as a percentage of GDP has nearly doubled since the early seventies General government gross debt as a percentage of gross domestic product GDP , UK, March to March Notes: Financial year represents the period of April to March.
Debt is recorded as at the end of March of each financial year. GDP — gross domestic product. Notes: GDP — gross domestic product. The ratio is recorded as at the end of each calendar quarter. EU 27 - Average of the 27 EU member states. Figure 4: UK debt has risen more than the EU average during the pandemic General government debt growth change in percentage points, UK and EU member states, at the end of Quarter 1 March compared with the end of Quarter 4 December EU 27 — Average of the 27 EU member states.
Debt is recorded as at the end of December of each calendar year. The latest available data for all G7 member states. Financial year represents the period of April to March. Calendar year represents the period of January to December.
General government UK general government consists of two sub-sectors: central government and local government. Debt Debt represents the cumulative amount the general government sector owes to organisations in other UK sectors and overseas institutions, which is largely a result of government financial liabilities on the bonds gilts and Treasury bills it has issued.
Deficit Deficit or net borrowing measures the gap between total revenue and total spending. A positive value indicates borrowing while a negative value indicates a surplus Back to table of contents. The impact of the coronavirus COVID support schemes on government finance statistics In total, at least 50 schemes have been announced by the UK government and the devolved administrations to support individuals and businesses during the pandemic.
Revisions since previous publication The revisions between releases are primarily the result of improved departmental and other government bodies data replacing previous estimates. Back to table of contents. Comparability with EU member states This release is fully consistent with the latest data transmission of government debt and deficit submitted by each of the 27 EU member states to the European Commission on 30 June Comparability with monthly public sector finances The general government debt and deficit figures published in this statistical bulletin for the time period onwards are fully consistent with those published in the Public sector finances, UK: May statistical bulletin on 22 June Contact details for this Statistical bulletin Fraser Munro public.
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