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Main article: UK economy
2024
Britain's cities are going bust across the country and cutting spending
Prolonged financial pressures, driven by cuts in central government, rising demand for services and risky investment rates, have been exacerbated by double-digit inflation, leaving many municipalities mired in debt.
The crisis has already caused high-profile casualties, including Birmingham, the largest local government body in Europe, and there are warnings that more municipalities could go bust ahead of national elections in 2023.
Sharp reduction in surplus in the most profitable month of the year - January
Britain's budget surplus shrank sharply in the biggest tax month of the year as rising debt spending and cost-of-living payments hit public finances.
In January 2023, there is usually a large surplus, as the deadline for paying income tax comes. This year, however, spending has increased due to the fiscal impact of the fastest inflation in decades.
Britain's next government will inherit the most complex set of tax and spending problems in 70 years, The Institute for Fiscal Studies, a leading think tank, argued in January 2024.
2023: 22nd consecutive year of budget deficit
2021: Costs rise 17% to £102.4m to keep the Royal Family
The growing cost-of-living crisis in Britain in June 2022 drew criticism of the royal family's extravagance, Bloomberg reported. It turns out that taxpayer-funded spending by the British monarchy rose 17% to £102.4m from the previous financial year. In this regard, there are proposals to "put the monarchy on a proper budgetary basis, like any other public body" and limit spending.
2020: Record budget deficit - 14.5% of GDP
Great Britain The largest budget deficit was recorded - in 2020-21, against the background of the epidemic COVID-19 Britain , it borrowed more than in any other year in the history of peacetime.
The budget deficit of 28 billion pounds ($39 billion) in March led to a deficit in 2020-21. In general, up to 303.1 billion pounds, which is equivalent to 14.5% of GDP.
2019: Up to £67m in royal maintenance costs rise
2012: Budget spending cuts and population protests
David Cameron's government measures to cut budget spending were a response to the economic crisis affecting the UK. In particular, the country's public debt over the past four years (October 2012) increased from 45 to 66 percent of GDP, and in the first two quarters of 2012 in a row the country's economy shrank, which happened for the first time in forty years.
On October 20, 2012, about 100,000 people took part in demonstrations in London, protesting against the government's plan to cut budget spending. This was reported by Agence France-Presse[1].
The demonstrations, organised by the country's biggest trade unions and left-wing organisations, came under the slogans "no to cuts," "shame on Tory politics" and "Cameron killed Britain." The protesters expressed the opinion that the government's policy of cutting costs is carried out only in the interests of the elite and jeopardizes the least socially protected groups of citizens.
Overall, the protests were peaceful, however, police reported isolated instances of "anti-social behaviour" with several anarchist groups protesting outside the offices of major companies such as McDonald's and Starbucks.
Similar mass demonstrations took place in Northern Ireland's capital Belfast and Scotland's largest city Glasgow.
See also
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