Stats on Government Finances Flashcards
1
Q
What was the Fiscal Deficit in 2020? (biggest post-war deficit)
What was the fiscal deficit in 2021
A
- In 2020, the fiscal deficit was 12.5% of GDP
- In 2021, this fell to 11.9% of GDP
2
Q
What is National debt in the UK as a % of GDP
A
Over 100% of GDP
3
Q
Tax burden - all the taxes the Government collects combined together
What is it set to rise to
A
Tax burden set to rise to 37% of GDP
Highest it has been for decades
4
Q
The Government decided to increase Corporation tax in 2023
What is it rising to
Why is this unlikely to affect smaller companies
A
Rising from 19% to 25%
Companies with >250k profits
