5 July 2024 – present
Public finances during the Labour 2024– government
Summary
| Metric | Level when government took office | Latest | Change during government |
|---|---|---|---|
| Borrowing forecasts, per cent of GDPOBR · per cent of GDP | Fewer than two periods have been published during this government, so no change is shown yet. | ||
| Borrowing forecasts, £ billionOBR · £ billion | Fewer than two periods have been published during this government, so no change is shown yet. | ||
| Debt forecasts, per cent of GDPOBR · per cent of GDP | Fewer than two periods have been published during this government, so no change is shown yet. | ||
| Spending forecasts, £ billionOBR · £ billion | Fewer than two periods have been published during this government, so no change is shown yet. | ||
| Receipts forecasts, £ billionOBR · £ billion | Fewer than two periods have been published during this government, so no change is shown yet. | ||
| GDP growth forecastsOBR · per cent | Fewer than two periods have been published during this government, so no change is shown yet. | ||
| Inflation forecastsOBR · per cent | 7.3%2023 | 3.4%2025 | ↓ 53.8%−3.9% · 2 periods |
| Unemployment forecastsOBR · per cent | Fewer than two periods have been published during this government, so no change is shown yet. | ||
| Employment forecastsOBR · people | Fewer than two periods have been published during this government, so no change is shown yet. | ||
| Earnings growth forecastsOBR · per cent | Fewer than two periods have been published during this government, so no change is shown yet. | ||
| House price forecastsOBR · per cent | Fewer than two periods have been published during this government, so no change is shown yet. | ||
| Household income forecastsOBR · per cent | Fewer than two periods have been published during this government, so no change is shown yet. | ||
| Income tax forecastsOBR · £ billion | Fewer than two periods have been published during this government, so no change is shown yet. | ||
| National Insurance forecastsOBR · £ billion | Fewer than two periods have been published during this government, so no change is shown yet. | ||
| VAT forecastsOBR · £ billion | Fewer than two periods have been published during this government, so no change is shown yet. | ||
| Welfare spending forecastsOBR · £ billion | Fewer than two periods have been published during this government, so no change is shown yet. | ||
| Debt interest forecastsOBR · £ billion | Fewer than two periods have been published during this government, so no change is shown yet. | ||
| Public sector receipts since 1900, per cent of GDPOBR · per cent of GDP | 39.3%Year ending March 2024 | 42.7%Year ending March 2031 | ↑ 8.7%+3.4% · 7 periods |
| Public spending since 1900, per cent of GDPOBR · per cent of GDP | 44.1%Year ending March 2024 | 44.3%Year ending March 2031 | ↑ 0.5%+0.2% · 7 periods |
| Borrowing since 1900, per cent of GDPOBR · per cent of GDP | 4.8%Year ending March 2024 | 1.6%Year ending March 2031 | ↓ 66.4%−3.2% · 7 periods |
| National debt since 1900, per cent of GDPOBR · per cent of GDP | 94.2%Year ending March 2024 | 95.1%Year ending March 2031 | ↑ 0.9%+0.9% · 7 periods |
| Public sector net borrowingONS · £ million | -£14.6bnJune 2024 | -£1.8bnJuly 2026 | ↑ 87.7%+£12.8bn · 25 periods |
| Public sector net debtONS · £ billion | £2.73tnJune 2024 | £2.98tnJuly 2026 | ↑ 9.3%+£253.9bn · 25 periods |
| Public sector net debt as a share of GDPONS · percent | 94.5%June 2024 | 94.1%July 2026 | ↓ 0.4%−0.4% · 25 periods |
| Debt interest paidONS · £ million | £11.7bnJune 2024 | £10.3bnJuly 2026 | ↓ 12.3%−£1.4bn · 25 periods |
Borrowing forecasts, per cent of GDP
Fewer than two periods have been published during this government, so no change is shown yet.
Borrowing forecasts, £ billion
Fewer than two periods have been published during this government, so no change is shown yet.
Debt forecasts, per cent of GDP
Fewer than two periods have been published during this government, so no change is shown yet.
Spending forecasts, £ billion
Fewer than two periods have been published during this government, so no change is shown yet.
Receipts forecasts, £ billion
Fewer than two periods have been published during this government, so no change is shown yet.
GDP growth forecasts
Fewer than two periods have been published during this government, so no change is shown yet.
Inflation forecasts
Inherited 2023: 7.3% per cent. Latest 2025: 3.4%.
Unemployment forecasts
Fewer than two periods have been published during this government, so no change is shown yet.
Employment forecasts
Fewer than two periods have been published during this government, so no change is shown yet.
Earnings growth forecasts
Fewer than two periods have been published during this government, so no change is shown yet.
House price forecasts
Fewer than two periods have been published during this government, so no change is shown yet.
Household income forecasts
Fewer than two periods have been published during this government, so no change is shown yet.
Income tax forecasts
Fewer than two periods have been published during this government, so no change is shown yet.
National Insurance forecasts
Fewer than two periods have been published during this government, so no change is shown yet.
VAT forecasts
Fewer than two periods have been published during this government, so no change is shown yet.
Welfare spending forecasts
Fewer than two periods have been published during this government, so no change is shown yet.
Debt interest forecasts
Fewer than two periods have been published during this government, so no change is shown yet.
Public sector receipts since 1900, per cent of GDP
Inherited Year ending March 2024: 39.3% per cent of GDP. Latest Year ending March 2031: 42.7%.
Public spending since 1900, per cent of GDP
Inherited Year ending March 2024: 44.1% per cent of GDP. Latest Year ending March 2031: 44.3%.
Borrowing since 1900, per cent of GDP
Inherited Year ending March 2024: 4.8% per cent of GDP. Latest Year ending March 2031: 1.6%.
National debt since 1900, per cent of GDP
Inherited Year ending March 2024: 94.2% per cent of GDP. Latest Year ending March 2031: 95.1%.
Public sector net borrowing
Inherited June 2024: -£14.6bn £ million. Latest July 2026: -£1.8bn.
Public sector net debt
Inherited June 2024: £2.73tn £ billion. Latest July 2026: £2.98tn.
Public sector net debt as a share of GDP
Inherited June 2024: 94.5% percent. Latest July 2026: 94.1%.
Debt interest paid
Inherited June 2024: £11.7bn £ million. Latest July 2026: £10.3bn.