Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at

Budget 2014: Deficit to halve this year but 'still one of highest in Europe'

by James Phillipps on Mar 19, 2014 at 12:58

Budget 2014: Deficit to halve this year but 'still one of highest in Europe'

Chancellor George Osborne said that the deficit has fallen by a third since the coalition came to office and it will half by the end of this year, but despite this, it still remains one of 'the highest in Europe'.

However, he said the UK will record a budget surplus in 2018-19. The deficit is expected to stand at £108 billion in 2013-2014, down from £111 billion forecast in the Autumn Statement. This will subsequently fall to £75 billion in 2015-2016, £44 billion in 2016-2017, £17 billion in 2017-2018, before moving into a £5 billion surplus in 2018-2019.

National debt will peak at 78.7% of GDP in 2015/2016, lower than the 80% previously forecast, before falling to 78.3% in 2016/2017 and tehn 76.5% in 2018/2019.

Borrowing will be £108 billion this year, lower than the £111.2 billion forecast in December, but still slightly above the £107 billion borrowed in the last year of the previous government.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home

As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Investing for income in a changing environment

With talk on interest rates on the horizon, our latest roundtable debate covers income investing against a changing backdrop

More about this:


On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet