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Economics Snapshot - The UK Budget Deficit

Geoff Riley

24th July 2009

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In 2009-10 the British government is forecast to spend £4 for every £3 that it receives Spending will be more than 48 per cent of GDP Tax revenues will be 36 per cent of GDP The gap is the budget deficit - forecast at 12% of GDP *For taxes to rise by 5% of GDP the government would have to raise the basic rate of income tax by 12% (it is currently at 20%)

Source: Martin Wolf, Financial Times, June 2009

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Geoff Riley

Geoff Riley FRSA has been teaching Economics for nearly forty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD and Revision conferences in the UK and overseas.

@tutor2uGeoff

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