8 June 2001 – 5 May 2005
Public finances during the Labour 2001–2005 government
Summary
| Metric | Level when government took office | Latest | Change during government |
|---|---|---|---|
| Borrowing forecasts, per cent of GDPOBR · per cent of GDP | -1.5%Year ending March 2001 | 3.8%Year ending March 2005 | ↑ 363.2%+5.3% · 4 periods |
| Borrowing forecasts, £ billionOBR · £ billion | -£16.3bnYear ending March 2001 | £51.7bnYear ending March 2005 | ↑ 417.1%+£68bn · 4 periods |
| Debt forecasts, per cent of GDPOBR · per cent of GDP | 28.2%Year ending March 2001 | 33.4%Year ending March 2005 | ↑ 18.2%+5.1% · 4 periods |
| Spending forecasts, £ billionOBR · £ billion | £390.1bnYear ending March 2001 | £534.9bnYear ending March 2005 | ↑ 37.1%+£144.8bn · 4 periods |
| Receipts forecasts, £ billionOBR · £ billion | £406.4bnYear ending March 2001 | £483.2bnYear ending March 2005 | ↑ 18.9%+£76.8bn · 4 periods |
| GDP growth forecastsOBR · per cent | 4.5%2000 | 2.3%2004 | ↓ 48.6%−2.2% · 4 periods |
| Inflation forecastsOBR · per cent | No complete period was published before this government took office. | ||
| Unemployment forecastsOBR · per cent | No complete period was published before this government took office. | ||
| Employment forecastsOBR · people | No complete period was published before this government took office. | ||
| Earnings growth forecastsOBR · per cent | No complete period was published before this government took office. | ||
| House price forecastsOBR · per cent | No complete period was published before this government took office. | ||
| Household income forecastsOBR · per cent | No complete period was published before this government took office. | ||
| Income tax forecastsOBR · £ billion | No complete period was published before this government took office. | ||
| National Insurance forecastsOBR · £ billion | No complete period was published before this government took office. | ||
| VAT forecastsOBR · £ billion | No complete period was published before this government took office. | ||
| Welfare spending forecastsOBR · £ billion | No complete period was published before this government took office. | ||
| Debt interest forecastsOBR · £ billion | No complete period was published before this government took office. | ||
| Public sector receipts since 1900, per cent of GDPOBR · per cent of GDP | 36.4%Year ending March 2001 | 35.9%Year ending March 2005 | ↓ 1.3%−0.5% · 4 periods |
| Public spending since 1900, per cent of GDPOBR · per cent of GDP | 34.9%Year ending March 2001 | 39.7%Year ending March 2005 | ↑ 13.8%+4.8% · 4 periods |
| Borrowing since 1900, per cent of GDPOBR · per cent of GDP | -1.5%Year ending March 2001 | 3.8%Year ending March 2005 | ↑ 363.2%+5.3% · 4 periods |
| National debt since 1900, per cent of GDPOBR · per cent of GDP | 28.2%Year ending March 2001 | 33.4%Year ending March 2005 | ↑ 18.2%+5.1% · 4 periods |
| Public sector net borrowingONS · £ million | -£1.4bnMay 2001 | -£8.6bnApril 2005 | ↓ 504.1%−£7.2bn · 47 periods |
| Public sector net debtONS · £ billion | £322.2bnMay 2001 | £457.2bnApril 2005 | ↑ 41.9%+£135bn · 47 periods |
| Public sector net debt as a share of GDPONS · percent | 28.1%May 2001 | 32.9%April 2005 | ↑ 17.1%+4.8% · 47 periods |
| Debt interest paidONS · £ million | £3.1bnMay 2001 | £3.1bnApril 2005 | ↓ 1.3%−£40m · 47 periods |
Borrowing forecasts, per cent of GDP
Inherited Year ending March 2001: -1.5% per cent of GDP. Latest Year ending March 2005: 3.8%.
Borrowing forecasts, £ billion
Inherited Year ending March 2001: -£16.3bn £ billion. Latest Year ending March 2005: £51.7bn.
Debt forecasts, per cent of GDP
Inherited Year ending March 2001: 28.2% per cent of GDP. Latest Year ending March 2005: 33.4%.
Spending forecasts, £ billion
Inherited Year ending March 2001: £390.1bn £ billion. Latest Year ending March 2005: £534.9bn.
Receipts forecasts, £ billion
Inherited Year ending March 2001: £406.4bn £ billion. Latest Year ending March 2005: £483.2bn.
GDP growth forecasts
Inherited 2000: 4.5% per cent. Latest 2004: 2.3%.
Inflation forecasts
No complete period was published before this government took office.
Unemployment forecasts
No complete period was published before this government took office.
Employment forecasts
No complete period was published before this government took office.
Earnings growth forecasts
No complete period was published before this government took office.
House price forecasts
No complete period was published before this government took office.
Household income forecasts
No complete period was published before this government took office.
Income tax forecasts
No complete period was published before this government took office.
National Insurance forecasts
No complete period was published before this government took office.
VAT forecasts
No complete period was published before this government took office.
Welfare spending forecasts
No complete period was published before this government took office.
Debt interest forecasts
No complete period was published before this government took office.
Public sector receipts since 1900, per cent of GDP
Inherited Year ending March 2001: 36.4% per cent of GDP. Latest Year ending March 2005: 35.9%.
Public spending since 1900, per cent of GDP
Inherited Year ending March 2001: 34.9% per cent of GDP. Latest Year ending March 2005: 39.7%.
Borrowing since 1900, per cent of GDP
Inherited Year ending March 2001: -1.5% per cent of GDP. Latest Year ending March 2005: 3.8%.
National debt since 1900, per cent of GDP
Inherited Year ending March 2001: 28.2% per cent of GDP. Latest Year ending March 2005: 33.4%.
Public sector net borrowing
Inherited May 2001: -£1.4bn £ million. Latest April 2005: -£8.6bn.
Public sector net debt
Inherited May 2001: £322.2bn £ billion. Latest April 2005: £457.2bn.
Public sector net debt as a share of GDP
Inherited May 2001: 28.1% percent. Latest April 2005: 32.9%.
Debt interest paid
Inherited May 2001: £3.1bn £ million. Latest April 2005: £3.1bn.