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 June 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.

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United Kingdom Government Budget

Actual Previous Highest Lowest Dates Unit Frequency
-16.90 -2.60 4.80 -16.90 1948 - 2021 percent of GDP Yearly

United Kingdom Government Last Previous Highest Lowest Unit
Government Debt to GDP 100.20 84.40 100.20 21.70 percent of GDP [+]
Government Budget -16.90 -2.60 4.80 -16.90 percent of GDP [+]
Government Budget Value -31696.00 -26264.00 11855.00 -47315.00 GBP Million [+]
Government Spending 106683.00 104020.00 106683.00 33126.00 GBP Million [+]
Government Spending to GDP 54.40 39.80 54.40 34.50 percent of GDP [+]
Government Debt 2171.10 2141.70 2171.10 52.10 GBP Billion [+]
Military Expenditure 58485.00 56856.00 64257.00 30751.00 USD Million [+]
Credit Rating 90.00 [+]
Asylum Applications 3345.00 2980.00 5170.00 1175.00 persons [+]
Government Revenues 57967.00 65089.00 82617.00 17491.00 GBP Million [+]


United Kingdom Government Budget
Government Budget is an itemized accounting of the payments received by government (taxes and other fees) and the payments made by government (purchases and transfer payments). A budget deficit occurs when an government spends more money than it takes in. The opposite of a budget deficit is a budget surplus.