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The economy of the United Kingdom is a highly developed social market economy. [ 26][ 27][ 28] It is the sixth-largest national economy in the world measured by nominal gross domestic product (GDP), ninth-largest by purchasing power parity (PPP), and twenty-first by nominal GDP per capita, constituting 3.1% of nominal world GDP. [ 29]
e. The government of the United Kingdom (formally His Majesty's Government, abbreviated to HM Government) is the central executive authority of the United Kingdom of Great Britain and Northern Ireland. [ 2][ 3] The government is led by the prime minister (currently Keir Starmer since 5 July 2024) who selects all the other ministers. The country ...
For the financial year 2023-24, total government spending is expected to be £1,189 billion. [ 2] The UK government has spent more than it has raised in taxation since financial year 2001-02, [ 3] creating a budget deficit and leading to growing debt interest payments. Average government spending per person is higher in Scotland, Wales and ...
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom ( UK) or Britain, [ m] is a country in Northwestern Europe, off the coast of the continental mainland. [ 21][ 22] It comprises England, Scotland, Wales, and Northern Ireland. [ n][ 23] The UK includes the island of Great Britain, the north-eastern ...
The ONS is responsible for the collection and publication of statistics related to the economy, population and society of the United Kingdom; responsibility for some areas of statistics in Scotland, Northern Ireland and Wales is devolved to the devolved governments for those areas. The ONS functions as the executive office of the National ...
The London Stock Exchange, the United Kingdom's main stock exchange and the largest in Europe, is England's financial centre, with 100 of Europe's 500 largest corporations being based there. [13] The official currency in England is the pound sterling, whose ISO 4217 code is GBP. The "pound sterling" is the oldest currency in continuous use.
The economic history of the United Kingdom relates the economic development in the British state from the absorption of Wales into the Kingdom of England after 1535 to the modern United Kingdom of Great Britain and Northern Ireland of the early 21st century. Scotland and England (including Wales, which had been treated as part of England since ...
The UK fiscal year ends on 5 April each year. The financial year ends on 31 March of each year. Thus, the UK budget for financial year 2021 runs from 1 April 2021 to 31 March 2022 and is often referred to as 2021–22. Historically, the budget was usually released in March, less than one month before the beginning of the new fiscal year.