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 Добавлено: Fri Jul 22, 2022 12:01 pm Заголовок сообщения: Where does the government borrow billions from? |
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Where does the government borrow billions from?
The UK government borrowed record-breaking amounts to pay for measures designed to limit the impact of coronavirus.
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Initiatives such as the furlough scheme - which finished in September 2021 - were expensive, and government income fell because it collected less money in tax during the pandemic.
How much has the government borrowed?
The latest figures show that in the 2021-22 financial year, which covers the 12 months to the end of March, government borrowing was £143.7bn, according to the Office for National Statistics (ONS).
It is the third-highest amount for a full financial year since records began in 1947, although it is less than half of the £309.6bn borrowed in the same period a year earlier.
In June 2022, the government borrowed £22.9bn. This was up by £4.1bn from a year earlier, and was the second-highest June level since monthly records began in 1993.
Why does the government borrow money?
The government chooses to "borrow" when it spends more than it gets in income.
Most of its income comes from taxes - for example, income tax from your pay cheque or the VAT you pay on certain goods.
It could, in theory, cover all of its spending from taxes - and in some years that has happened.
But governments have not always been willing to increase taxes enough to cover their spending. This is partly for political reasons - it would be unpopular with voters. |
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