Lost in the noise of Wednesday’s news that the UK has slipped into a double-dip recession was the report Tuesday on the government’s financial performance for its fiscal year ending March 31. A picture is said to be worth a thousand words so here’s 3,000 words of pictures and 51 of comment.
Cumulative public sector net borrowing
As a percentage of GDP, the UK government’s net borrowing comes to 8.3%, about the same as Spain’s 8.5%.
Net debt as a percentage of GDP excluding financial interventions
As a percentage of GDP, the UK government’s public sector net debt come to 66%, up from 60.5% a year ago and about the same as Spain’s.
UK Central Government current expenditure
Spending cuts? What spending cuts?