The UK is heading for an energy crisis this winter, with average bills set to rise from £1,100 per year to at least £3,600. And with the possibility of prices rising to over £5,000 in January 2023. The lowest income families may see energy costs rise from 7% to 24% of income. (Link) For better-off …
The budget deficit is the annual amount the government has to borrow to meet the shortfall between current receipts (tax) and government spending. Net borrowing for the UK 2021/11 is £151.8bn or 14.8% of GDP [OBR – J511] National debt or public sector net debt – is the total amount the government owes – accumulated …
A budget deficit is the annual shortfall between government spending and tax revenue. The deficit is the annual amount the government need to borrow. The deficit is primarily funded by selling government bonds (gilts) to the private sector. Summary of effects of a budget deficit Rise in national debt Higher debt interest payments Increase in …
