Every year the government collects money through taxes, income tax, National Insurance, VAT, corporation tax and more. This is the total. It is the hard limit of what the state can spend without borrowing. When this number rises faster than spending, the deficit shrinks. When it does not, it grows.
Source: Office for National Statistics / HMRC
HMRC admits overtaxing 1,400,000 people – what to do if you’re affected
Metro · Milo Pope · 10 Jul
How a US exemption will see UK miss out on £600m in tax revenue every year
The Independent · Henry Saker-Clark · 10 Jul
I'm a graduate, we should pay extra tax to make it fair for all
The i · Laura Purkess · 10 Jul
UK to miss out on £600m a year after allowing US exemption from landmark tax deal
The Independent · Henry Saker-Clark · 9 Jul
UK to miss out on £600m in tax due to US exemption, says HMRC
The Independent · Henry Saker-Clark · 9 Jul
The total amount the government spends each year, on public services, welfare, debt interest and everything else. This is the other side of the equation. When spending exceeds what the government collects in tax, it has to borrow the difference. That borrowing adds to the national debt.
Source: Office for National Statistics / HM Treasury
Schools 'need funding to cope with heatwaves'
BBC News · Gemma Dillon · 10 Jul
LIAM HALLIGAN: To stave off a shameful bailout, Britain needs to raise £120billion a year - by cutting welfare or raising taxes. Guess which Labour will do!
Daily Mail · 9 Jul
£6,000 budget for each SEND child in mainstream schools will be increased
The i · Alexa Phillips · 9 Jul
Future of state pension triple lock is now Burnham's problem, Starmer warns
The i · Will Hazell · 9 Jul
New DWP update on State Pension underpayments due to historical errors
Daily Record · Linda Howard · 9 Jul
The gap between what the government spends and what it collects in tax each year. When spending exceeds income the government runs a deficit and has to borrow to cover it. That borrowing adds to the national debt. The UK has run a deficit in most years since the 1970s, balancing the books is harder than it sounds.
Source: Office for National Statistics
LIAM HALLIGAN: To stave off a shameful bailout, Britain needs to raise £120billion a year - by cutting welfare or raising taxes. Guess which Labour will do!
Daily Mail · 9 Jul
Burnham’s funding gap: what state are UK finances in for the PM-in-waiting?
The Guardian · Richard Partington · 3 Jul
Voices: Sir Keir has left a fiscal mess for Andy Burnham to clean up
The Independent · Editorial · 1 Jul
Burnham under pressure to rule out welfare cuts to fill £5bn defence budget black hole
The Independent · David Maddox · 1 Jul
Chris Mason: The crunching trade offs and big numbers Burnham may soon confront
BBC News · Chris Mason · 1 Jul
The total amount the UK government owes, built up over decades of spending more than it collects in tax. Every year the government runs a deficit it adds to this pile. The debt does not have to be paid off all at once, but it does have to be serviced, which means paying interest every year. That interest bill is now one of the biggest items in the budget.
Source: Office for National Statistics
Developing countries spend more repaying foreign debt than on education, UN reveals
The Guardian · Kaamil Ahmed · 10 Jul
Borrowing bomb for Burnham: Debt, both public and private, is the enemy of stability, warns ALEX BRUMMER
Daily Mail · Alex Brummer · 7 Jul
Andy Burnham warned of 'explosive' rise in national debt
Daily Mirror · Graham Hiscott · 7 Jul
UK debt will grow ‘explosively’ if not addressed by governments, warns OBR
Evening Standard · Anna Wise · 7 Jul
UK debt will grow ‘explosively’ if not addressed by governments, warns OBR
The Independent · Anna Wise · 7 Jul
When the government needs to borrow money it issues bonds called gilts and pays interest to whoever buys them. The 10-year gilt yield is the interest rate on a 10-year loan to the UK government. It is set by financial markets, not politicians. The spike in September 2022, when the mini-Budget spooked markets, is the most dramatic moment in modern UK financial history.
Source: Bank of England
All you never wanted to know about corporate bond market issuance
Financial Times · 10 Jul
Brave investors have beaten beat doom-mongers this year: HAMISH MCRAE
Daily Mail · 5 Jul
City traders in £7bn bet against the pound in Andy Burnham's Britain
Daily Mail · 5 Jul
Home mortgage approvals drop to lowest since December 2023
Evening Standard · Anna Wise · 29 Jun
Home mortgage approvals drop to lowest since December 2023
The Independent · Anna Wise · 29 Jun
The party and ministers currently accountable for this data.
The latest figures across all Finance metrics.
Deficit · Cyclical
0.0%−0.0%
2030/31
Deficit · Structural
1.6%−0.1%
2030/31
Borrowing · Base Rate
3.75%+0.0%
2026-07-08
Short-Term Borrowing Rate
4.32%+0.0%
2026-07-07
Government Borrowing Rate
4.81%+0.0%
2026-07-07
Debt as % of GDP
94.7%+0.0%
2025
National Debt
£2.93tn+110.1%
2025
Deficit as % of GDP
4.9%−0.4%
2025
Budget Deficit
£148bn−4.4%
2025
Public Spending
£1.35tn+63.7%
2025
Tax Receipts
£1.09tn+74.0%
2025
