6 May 2005 – 11 May 2010
Public finances during the Labour 2005–2010 government
Summary
| Metric | Level when government took office | Latest | Change during government |
|---|---|---|---|
| Borrowing forecasts, per cent of GDPOBR · per cent of GDP | 3.8%Year ending March 2005 | 10.2%Year ending March 2010 | ↑ 165.5%+6.4% · 5 periods |
| Borrowing forecasts, £ billionOBR · £ billion | £51.7bnYear ending March 2005 | £159.6bnYear ending March 2010 | ↑ 209.0%+£108bn · 5 periods |
| Debt forecasts, per cent of GDPOBR · per cent of GDP | 33.4%Year ending March 2005 | 64.4%Year ending March 2010 | ↑ 93.0%+31% · 5 periods |
| Spending forecasts, £ billionOBR · £ billion | £534.9bnYear ending March 2005 | £720.3bnYear ending March 2010 | ↑ 34.7%+£185.5bn · 5 periods |
| Receipts forecasts, £ billionOBR · £ billion | £483.2bnYear ending March 2005 | £560.7bnYear ending March 2010 | ↑ 16.0%+£77.5bn · 5 periods |
| GDP growth forecastsOBR · per cent | 2.3%2004 | -4.6%2009 | ↓ 297.2%−6.9% · 5 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 | 35.9%Year ending March 2005 | 35.8%Year ending March 2010 | ↓ 0.3%−0.1% · 5 periods |
| Public spending since 1900, per cent of GDPOBR · per cent of GDP | 39.7%Year ending March 2005 | 46%Year ending March 2010 | ↑ 15.7%+6.2% · 5 periods |
| Borrowing since 1900, per cent of GDPOBR · per cent of GDP | 3.8%Year ending March 2005 | 10.2%Year ending March 2010 | ↑ 165.5%+6.4% · 5 periods |
| National debt since 1900, per cent of GDPOBR · per cent of GDP | 33.4%Year ending March 2005 | 64.4%Year ending March 2010 | ↑ 93.0%+31% · 5 periods |
| Public sector net borrowingONS · £ million | -£8.6bnApril 2005 | -£9.3bnApril 2010 | ↓ 7.7%−£661m · 60 periods |
| Public sector net debtONS · £ billion | £457.2bnApril 2005 | £1.03tnApril 2010 | ↑ 126.0%+£576bn · 60 periods |
| Public sector net debt as a share of GDPONS · percent | 32.9%April 2005 | 64.5%April 2010 | ↑ 96.0%+31.6% · 60 periods |
| Debt interest paidONS · £ million | £3.1bnApril 2005 | £4.8bnApril 2010 | ↑ 56.0%+£1.7bn · 60 periods |
Borrowing forecasts, per cent of GDP
Inherited Year ending March 2005: 3.8% per cent of GDP. Latest Year ending March 2010: 10.2%.
Borrowing forecasts, £ billion
Inherited Year ending March 2005: £51.7bn £ billion. Latest Year ending March 2010: £159.6bn.
Debt forecasts, per cent of GDP
Inherited Year ending March 2005: 33.4% per cent of GDP. Latest Year ending March 2010: 64.4%.
Spending forecasts, £ billion
Inherited Year ending March 2005: £534.9bn £ billion. Latest Year ending March 2010: £720.3bn.
Receipts forecasts, £ billion
Inherited Year ending March 2005: £483.2bn £ billion. Latest Year ending March 2010: £560.7bn.
GDP growth forecasts
Inherited 2004: 2.3% per cent. Latest 2009: -4.6%.
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 2005: 35.9% per cent of GDP. Latest Year ending March 2010: 35.8%.
Public spending since 1900, per cent of GDP
Inherited Year ending March 2005: 39.7% per cent of GDP. Latest Year ending March 2010: 46%.
Borrowing since 1900, per cent of GDP
Inherited Year ending March 2005: 3.8% per cent of GDP. Latest Year ending March 2010: 10.2%.
National debt since 1900, per cent of GDP
Inherited Year ending March 2005: 33.4% per cent of GDP. Latest Year ending March 2010: 64.4%.
Public sector net borrowing
Inherited April 2005: -£8.6bn £ million. Latest April 2010: -£9.3bn.
Public sector net debt
Inherited April 2005: £457.2bn £ billion. Latest April 2010: £1.03tn.
Public sector net debt as a share of GDP
Inherited April 2005: 32.9% percent. Latest April 2010: 64.5%.
Debt interest paid
Inherited April 2005: £3.1bn £ million. Latest April 2010: £4.8bn.