In 1997, the new Labour chancellor Gordon Brown began his period in office with his famous ‘Golden Rule’ that the government should show a budget surplus across the lifetime of the economic cycle. With the economy also growing, between 19, UK national debt fell from 37% to 27% as a proportion of GDP. This was aided by the £22.5 billion that was raised from the sale of 3G mobile phone licences. However with the economy recovering, in the last three years of the 1990s, the government once again paid back debt and ran a budget surplus, totalling £28 billion over the period. By 1996, the National debt had risen back to 36% of GDP. In 1989/1990, the UK ran a budget surplus of £6 billion.įollowing the recession of the early 1990s, annual government borrowing then increased markedly, peaking at £59.4 billion in 1993/4. Aided further by the privatisation of a number of previously stated owned industries, national debt almost halved from 40% of GDP in 1980 to 22% of GDP in 1990. In the 1980s, the Thatcher government followed a policy of fiscal restraint. In the immediate decades after the Second World War, there was then a sustained reduction in the national debt as a proportion of GDP. ![]() And once again, it increased during the decade of the Second World War, rising from £7.1 billion in 1939 to £24.7 billion in 1949. ![]() ![]() The national debt in the twentieth centuryĭuring the First World War the national debt rose from a total of £650 million in 1914 to £7.4 billion in 1919. The .uk chart below shows how the national debt has fluctuated over the ages. The national debt has previously risen sharply during times of war, including the American War of Independence and the Napoleonic Wars. The Bank of England provides data on the history of the National debt. MDU advises GP members on how to handle a historic developmental dysplasia claim How the national debt has built up?
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |