HM Government’s Profit and Loss Account

George Osborne’s Budget delivered on 16 March gave us his predicted Profit and Loss Account for the year ended 5 April 2017. Here is an interesting summary.

We fund this loss by borrowing from - in effect - our own savings, and we then pay loan interest to ourselves on our savings loaned to HM Treasury.

As a matter of interest, total UK Gross Domestic Output is estimated at £2,220bn for 2016-17.

Our Government collects 32.5% of total UK GDP, and, rather illogically, pays out 34.75%.   

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