In the calendar year 2015, the UK government deficit (net borrowing) was £82.2 billion (4.4% of GDP). 2014/15 refers to the financial year ending March 2015ĭownload this table Table 1: Government deficit and debt. UK, calendar years 2008 to 2015 and financial year ending March 2008 to financial year ending March 2015ġ. This bulletin reports gross debt, that is, the financial liabilities (that is, debt securities, loans and deposits) of central and local government, whereas the Public Sector Finances’ headline measure is net debt, calculated as financial liabilities less liquid assets (that is, official reserve assets and other cash or cash-like assets) This bulletin includes only debt and deficit recorded to central and local government, whereas the UK Public Sector Finances’ measures also include the debt and deficit of other public sector bodies There are 2 main differences between the main borrowing and debt measures published in the Public Sector Finances and the deficit and debt figures published in this bulletin: The source data, and therefore the debt and deficit figures published in this bulletin (for the time period 1997 onwards), are the same as those published in the Public Sector Finances: February 2016 statistical bulletin published on 22 March 2016. Thus for comparisons over time the figures as a percentage of GDP (also measured in current prices) are used to provide a comparable time series. The monetary values quoted are in current prices, that is, they represent the price of borrowing in the year to which they relate without any adjustments for inflation. The deficit is a measure of how much the government has to borrow to cover its expenditure once revenue has been netted off, for this reason it is also known as net borrowing. These are:Ī deficit (net borrowing) to Gross Domestic Product (GDP) ratio of 3% The Protocol on the Excessive Deficit Procedure, annexed to the Maastricht Treaty, defines 2 criteria and reference values with which member states’ governments should comply. The EU Government Deficit and Debt statistical bulletin is published quarterly in January, April, July and October each year, to coincide with when the UK and other European Union (EU) member states are required to report on their deficit (or net borrowing) and debt to the European Commission.Īrticle 126 of the Treaty on the Functioning of the European Union (EU) obliges member states to avoid excessive budgetary deficits.
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