The UK Government spends more money than it earns from the taxes it collects.
It runs a budget deficit.
That deficit (the difference between tax revenues and government expenditure is £139bn.
This deficit of £139bn equates to 5.5% of gross domestic product (GDP).
The key message is the Public sector net debt (PSND ex) at the end of March 2023 was £2,530.4 billion.
That is 99.6% of GDP.
…..we are in it together…..