Rebalancing the public finances
A debate will be held on balancing the public finances in Westminster Hall on Tuesday 11 July at 9:30am. The subject for the debate has been chosen by Mark Harper MP.
Economic policyEconomic situationPublic expenditureTaxation
Briefing
The deficit – the difference between what the government spends and raises from tax and other revenues – has come down significantly since it peaked at 10% of national income in 2009/10.
In 2016/17 the deficit was 2.4% of national income, similar to the level it was prior to the 2007-2008 financial crisis.
The deficit is still higher than the historical average, and is forecast to increase in 2017/18 to 2.9% of national income.
Documents