Tuesday, January 12, 2016

UK Deficit Page Added

On January 12, 2016, we added a page showing an analysis of the UK Deficit, including the deficit right now, a review of deficits in the past 10 years, and a chart of the deficit since just after World War II.

But what is the deficit?

  • The Office of Budget Responsibility in its Fiscal Supplementary Tables computes the "current budget deficit" as (current expenditure less current receipts less depreciation). For 2015 this comes out as (669.3 - 646.9 - 37.4), in billions of pounds.
  • On ukpublicspending.co.uk we compute total spending as (current spending + capital spending). So we would compute the deficit as (total spending less total revenue).
  • Or, you can figure that what matters is how much the UK national debt went up over the year. For 2016, we might compute this as (UK Net Debt for 2016 less UK Net Debt for 2015). For 2016 this comes out as (1532.9 - 1479.4) in billions of pounds.

You can see each of these measures of the deficit advertised on the UK Deficit page. Plus our usual array of charts. If you click on the chart number, e.g., D.01t, you will get to view the chart page, with associated data.

For now, the "current budget deficit" series on ukpublicspending.co.uk, based on the UK data series "JW2T", goes back to 1947.