Main article: UK economy
2024: The level of public debt to GDP returned to the indicators of the early 1960s
2023: State debt - 101% of GDP
2021
Public debt exceeded 103% of GDP
According to data for 2021, GDP Britain amounted to 3.187 trillion dollars. At the same time, its external debt exceeded 103.6% of GDP.
Office of Budget Responsibility: The country's £2tn national debt carries catastrophic risks
Britain faces three potentially catastrophic risks to its public finances, the Office for Budget Responsibility (OBR) said in July 2021.
The tax watchdog refers to climate change, the COVID-19 pandemic and a bunch of debts. The risks "are global and can spread quickly across countries," the OBR writes.
Unfunded pressure on government agencies as a result of the pandemic will amount to about 30 billion pounds ($42 billion) over the next 3 years.
Great Britain The OBR also noted ambitions to eliminate emissions carbon dioxide by 2050 and the country's record debt of 2 trillion pounds.
The government's pledge to eliminate net emissions by 2050 could increase public debt, already around 100% of gross domestic product, by another 21% of GDP over the next 30 years.
Record interest payments on debt: £8.7bn for the month
In June 2021, inflation hit public finances, Great Britain bringing interest payments on public debt to unprecedented levels.
The Treasury paid £8.7bn ($11.8bn) in interest in June, the largest figure in any month since records began in 1997.
The £6bn year-over-year increase was driven by higher RPI inflation, pushing up the cost of servicing index-linked bonds.
Borrowed funds still fund nearly one in four pounds of the country's public spending.
2020
State loans soar to £240bn in 8 months
Government Great Britain borrowing rose to a record £240.9 billion (323 billion) in the first eight months of financial 2020 dollars , reflecting the damage to an economy at risk of returning to recession in December 2020.
The budget deficit in the financial year as a whole could exceed £394bn - 19% of GDP. This is already the largest indicator among large industrial countries.
The worst case scenario with the development of the COVID-19 epidemic, combined with inaction on Brexit, could lead to the fact that in 2020-21. loans will increase to almost 450 billion pounds, and debt will exceed 125% of GDP in 2021.
The national debt of Britain for the first time in history exceeded £2 trillion
On August 21, it became known that public debt Britain for the first time in history exceeded 2 trillion. By the end of July, it amounted to £2.004 trillion, which corresponds to 100.5% GDP of the country, which is a record figure since the 1960s, according to the National Statistical Service.
According to her, over the year, public debt grew by £227.6 billion due to an increase in budget expenditures to combat the crisis and the consequences of the COVID-19 pandemic.
Britain continues to suffer losses due to the coronavirus crisis. GDP fell by a record 20.4% in the second quarter of 2020 compared to the same period in 2019. It marked the second straight quarterly drop after its 2.2% decline in the first quarter of 2020. Compared to the previous - fourth - quarter (from October to December) of 2019, Britain's GDP in the second quarter of 2020 decreased by 22.1%.
Against the background of falling tax revenues after the British economy entered a recession for the first time in 11 years and the adoption of a number of measures to support business and the growth of spending on social needs, the budget deficit in July amounted to £26.7 billion. The volume of borrowings for the first four months of the 2020-2021 financial year (begins in April) reached £150.5 billion.
At the same time, each of these four months, according to ONS, set a record for the volume of borrowing. Commenting on the published data, British Finance Minister Rishi Sunak noted that the coronavirus crisis has placed a heavy burden on public finances, but without large-scale government spending on support programs, the situation would be even worse.
 | Today's data is a stark reminder that we will need to get public finances back on solid footing over time, which will require tough decisions, "Sunak argued.[1] |  |
Britain's public debt exceeded GDP for the first time in 57 years
Britain's public debt exceeded GDP for the first time in 57 years. This is evidenced by the data published on June 19, 2020 by the National Bureau of Statistics (ONS).
In May, the national debt in Britain reached 1.95 trillion pounds sterling ($2.42 billion), which corresponds to 100.9% of the country's GDP. Government borrowing totalled £62.7bn in May, the highest since tracking the data began in 1993. The figure exceeded the level of the entire financial year ended on March 31. According to the results of the current financial year, borrowing can reach a record level, experts predict.
According to them, measures to support the economy in the context of the crisis caused by the COVID-19 coronavirus pandemic demanded that the government increase borrowing.
| | Today's data confirm that the coronavirus has had a serious impact on our public finances. The best way to restore public finances to a more sustainable position is to open our economy, subject to security measures, so that people can return to work, British Finance Minister Rishi Sunak said after the release of the ONS data. | |
The volume of government borrowing in May 2020 increased by 49.6 billion pounds sterling ($61.6 billion) compared to the same period in 2019. At the same time, revenues to the state budget fell by 28.4% compared to May 2019, amounting to 40.7 billion pounds ($50.5 billion). In this amount, income from tax deductions accounted for about 28.9 billion pounds sterling ($36 billion).
In 1946-1947, the national debt of Britain reached 258% of GDP.
At the end of April 2020, the National Bureau of Statistics noted a record reduction in GDP - by 20.4%. In total, for three months starting from February, the decline in production in the country amounted to 10.4%.[2]
2018: State debt per capita $52.8 thousand
2017: Public debt 88% of GDP
2012: National debt 66% of GDP
In May 2012, public debt reached 66 percent of GDP.
2008: One of the best public debt figures in Western Europe - 45% of GDP
Before 2008, the country's debt was about 45 percent of GDP - one of the best in Western Europe at the time.
See also
Notes
| The site content is translated by machine translation software powered by PROMT. The machine-translated articles are not always perfect and may contain errors in vocabulary, syntax or grammar. Read original article If you find inaccuracies or errors in the results of machine translation, please write to editor@tadviser.ru. We will make every effort to correct them as soon as possible. |