HM Treasury and the Bank of England announced a temporary extension of the government’s long-established Ways and Means (W&M) facility, which will provide a short-term source of additional liquidity to the government if needed and support the orderly functioning of markets, through the period of disruption from Covid-19. Still, the government will continue to use the markets as its primary source of financing, and its response to Covid-19 will be fully funded by additional borrowing through normal debt management operations. The UK recorded a budget deficit of 1.8 percent to GDP in 2018-19 fiscal year, which is expected to increase over the next financial year, as the government supports the economy amid the pandemic.
Government Budget in the United Kingdom averaged -2.51 percent of GDP from 1948 until 2019, reaching an all time high of 4.80 percent of GDP in 1949 and a record low of -10.20 percent of GDP in 2010. This page provides - United Kingdom Government Budget - actual values, historical data, forecast, chart, statistics, economic calendar and news. United Kingdom Government Budget - values, historical data and charts - was last updated on June of 2020. source: Office for Budget Responsibility, UK
Government Budget in the United Kingdom is expected to reach -12.00 percent of GDP by the end of 2020, according to Trading Economics global macro models and analysts expectations. In the long-term, the United Kingdom Government Budget is projected to trend around -8.60 percent of GDP in 2021 and -4.30 percent of GDP in 2022, according to our econometric models.