Britain's government budget deficit hit a peacetime high of GBP 355 billion, or 16.9 percent of GDP, in the 2020-21 fiscal year, amid efforts to support businesses and households hit by the pandemic. UK Chancellor Rishi Sunak has delivered on March 3rd his budget to Parliament and has promised to do "whatever it takes" to support the UK economy through the final months of COVID-19 restrictions, including extending the government's furlough scheme until the end of September. Other measures include an extension of both the universal credit uplift and the reduced rate for VAT on hospitality and tourism; a tax break for firms that invest; a GBP 300 million culture recovery fund; GBP 300 million for sports clubs; and a GBP 150 million fund to help communities take ownership of pubs, theatres or sports clubs. Looking ahead, government borrowing is set to fall to 10.3 percent of GDP in 2021-22 and 4.5 percent of GDP in 2022-23. source: Office for Budget Responsibility, UK
Government Budget in the United Kingdom averaged -2.69 percent of GDP from 1948 until 2021, reaching an all time high of 4.80 percent of GDP in 1949 and a record low of -16.90 percent of GDP in 2021. 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 May of 2021.
Government Budget in the United Kingdom is expected to reach -10.00 percent of GDP by the end of 2021, according to Trading Economics global macro models and analysts expectations. In the long-term, the United Kingdom Government Budget is projected to trend around -4.40 percent of GDP in 2022 and -3.80 percent of GDP in 2023, according to our econometric models.