london skyline

United Kingdom Fiscal Balance

United Kingdom Fiscal Balance

Fiscal Balance in United Kingdom

The United Kingdom's fiscal deficit from 2013 to 2022 was marked by austerity, Brexit, and the pandemic. Efforts to reduce the deficit through spending cuts and tax increases were evident until 2016. Brexit-related uncertainties slowed deficit reduction progress. The COVID-19 pandemic necessitated significant fiscal spending, resulting in a substantial deficit. By 2022, the focus shifted to balancing fiscal consolidation with supporting post-pandemic recovery, amid ongoing Brexit economic adjustments and global uncertainties.

The fiscal balance of the United Kingdom averaged -5.2% of GDP in the decade to 2022, slightly below the major economies' average of -4.5%. The UK's fiscal balance in 2022 was -4.7% of GDP. For more fiscal balance information, visit our dedicated page.

United Kingdom Fiscal Balance Chart

Note: This chart displays Fiscal Balance (% of GDP) for United Kingdom from 2014 to 2023.
Source: Macrobond.

United Kingdom Fiscal Balance Data

2019 2020 2021 2022 2023
Fiscal Balance (% of GDP) -2.5 -13.1 -7.9 -4.7 -5.9
Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects British fiscal balance projections for the next ten years from a panel of 16 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable fiscal balance forecast available for British fiscal balance.

Download one of our sample reports to visualize what a Consensus Forecast is and see our British fiscal balance projections.

Want to get access to the full dataset of British fiscal balance forecasts? Send an email to info@focus-economics.com.

Free sample report

Interested in economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest