![]() ![]() In 2023-24, we expect debt to be equivalent to 103.1 per cent of national income. how much will be added to – or paid off – the national debt in each year.Because the growth in receipts outpaces that of spending, we expect the deficit to fall over the next five years to reach £49.3 billion. In 2023-24, we expect a deficit of £131.6 billion. whether it will spend more or less than it raises – in other words whether it will run a budget deficit or surplus.In 2023-24, we expect it to spend £1,189 billion, equivalent to around £42,000 per household or 46.2 per cent of national income. how much it will spend on things like public services, state pensions and debt interest.In 2023-24, we expect it to raise £1,058 billion, equivalent to around £37,000 per household or 41.1 per cent of national income. how much money the public sector will raise from taxes and other sources of revenue.In each forecast we assess how the public finances are likely to evolve on the basis of existing Government tax and spending policies and our best guess at the likely evolution of the economy. We also explain how government debt is defined and calculated. We describe the main sources of government income and spending, and explain how these are used to calculate whether the government is running a surplus or a deficit. This guide provides a brief introduction to the UK public finances and to the terms used to describe them in the official statistics. ![]()
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