Government borrowing is being pushed up by energy support

Public sector net borrowing, % of GDP

November 2022 forecast

Outturn

15%

Forecast

23 March 2020

First UK lockdown

12

24 February 2022

Russia invades

Ukraine

9

6

3

2008

Financial crisis

0

2003-

2004

2009-

2010

2015-

2016

2021-

2022

2027-

2028

November 2022 forecast

Outturn

15%

Forecast

23 March 2020

First UK lockdown

12

9

24 February 2022

Russia invades Ukraine

2008

Financial crisis

6

3

0

2003-04

2006-07

2009-10

2012-13

2015-16

2018-19

2021-22

2024-25

2027-28