2 May 1997 – 7 June 2001
Public finances during the Labour 1997–2001 government
Summary
| Metric | Level when government took office | Latest | Change during government |
|---|---|---|---|
| Borrowing forecasts, per cent of GDPOBR · per cent of GDP | 3.1%Year ending March 1997 | -1.5%Year ending March 2001 | ↓ 146.7%−4.6% · 4 periods |
| Borrowing forecasts, £ billionOBR · £ billion | £28.9bnYear ending March 1997 | -£16.3bnYear ending March 2001 | ↓ 156.3%−£45.2bn · 4 periods |
| Debt forecasts, per cent of GDPOBR · per cent of GDP | No complete period was published before this government took office. | ||
| Spending forecasts, £ billionOBR · £ billion | £328.2bnYear ending March 1997 | £390.1bnYear ending March 2001 | ↑ 18.9%+£61.9bn · 4 periods |
| Receipts forecasts, £ billionOBR · £ billion | £299.3bnYear ending March 1997 | £406.4bnYear ending March 2001 | ↑ 35.8%+£107.1bn · 4 periods |
| GDP growth forecastsOBR · per cent | 2.6%1996 | 4.5%2000 | ↑ 73.0%+1.9% · 4 periods |
| Inflation forecastsOBR · per cent | No complete period was published before this government took office. | ||
| Unemployment forecastsOBR · per cent | No complete period was published before this government took office. | ||
| Employment forecastsOBR · people | No complete period was published before this government took office. | ||
| Earnings growth forecastsOBR · per cent | No complete period was published before this government took office. | ||
| House price forecastsOBR · per cent | No complete period was published before this government took office. | ||
| Household income forecastsOBR · per cent | No complete period was published before this government took office. | ||
| Income tax forecastsOBR · £ billion | No complete period was published before this government took office. | ||
| National Insurance forecastsOBR · £ billion | No complete period was published before this government took office. | ||
| VAT forecastsOBR · £ billion | No complete period was published before this government took office. | ||
| Welfare spending forecastsOBR · £ billion | No complete period was published before this government took office. | ||
| Debt interest forecastsOBR · £ billion | No complete period was published before this government took office. | ||
| Public sector receipts since 1900, per cent of GDPOBR · per cent of GDP | 32.3%Year ending March 1997 | 36.4%Year ending March 2001 | ↑ 12.6%+4.1% · 4 periods |
| Public spending since 1900, per cent of GDPOBR · per cent of GDP | 35.4%Year ending March 1997 | 34.9%Year ending March 2001 | ↓ 1.5%−0.5% · 4 periods |
| Borrowing since 1900, per cent of GDPOBR · per cent of GDP | 3.1%Year ending March 1997 | -1.5%Year ending March 2001 | ↓ 146.7%−4.6% · 4 periods |
| National debt since 1900, per cent of GDPOBR · per cent of GDP | 36.4%Year ending March 1997 | 28.2%Year ending March 2001 | ↓ 22.4%−8.2% · 4 periods |
| Public sector net borrowingONS · £ million | -£2.9bnApril 1997 | -£1.4bnMay 2001 | ↑ 51.5%+£1.5bn · 49 periods |
| Public sector net debtONS · £ billion | £352.5bnApril 1997 | £322.2bnMay 2001 | ↓ 8.6%−£30.3bn · 49 periods |
| Public sector net debt as a share of GDPONS · percent | 36.9%April 1997 | 28.1%May 2001 | ↓ 23.8%−8.8% · 49 periods |
| Debt interest paidONS · £ million | £2.2bnApril 1997 | £3.1bnMay 2001 | ↑ 37.8%+£849m · 49 periods |
Borrowing forecasts, per cent of GDP
Inherited Year ending March 1997: 3.1% per cent of GDP. Latest Year ending March 2001: -1.5%.
Borrowing forecasts, £ billion
Inherited Year ending March 1997: £28.9bn £ billion. Latest Year ending March 2001: -£16.3bn.
Debt forecasts, per cent of GDP
No complete period was published before this government took office.
Spending forecasts, £ billion
Inherited Year ending March 1997: £328.2bn £ billion. Latest Year ending March 2001: £390.1bn.
Receipts forecasts, £ billion
Inherited Year ending March 1997: £299.3bn £ billion. Latest Year ending March 2001: £406.4bn.
GDP growth forecasts
Inherited 1996: 2.6% per cent. Latest 2000: 4.5%.
Inflation forecasts
No complete period was published before this government took office.
Unemployment forecasts
No complete period was published before this government took office.
Employment forecasts
No complete period was published before this government took office.
Earnings growth forecasts
No complete period was published before this government took office.
House price forecasts
No complete period was published before this government took office.
Household income forecasts
No complete period was published before this government took office.
Income tax forecasts
No complete period was published before this government took office.
National Insurance forecasts
No complete period was published before this government took office.
VAT forecasts
No complete period was published before this government took office.
Welfare spending forecasts
No complete period was published before this government took office.
Debt interest forecasts
No complete period was published before this government took office.
Public sector receipts since 1900, per cent of GDP
Inherited Year ending March 1997: 32.3% per cent of GDP. Latest Year ending March 2001: 36.4%.
Public spending since 1900, per cent of GDP
Inherited Year ending March 1997: 35.4% per cent of GDP. Latest Year ending March 2001: 34.9%.
Borrowing since 1900, per cent of GDP
Inherited Year ending March 1997: 3.1% per cent of GDP. Latest Year ending March 2001: -1.5%.
National debt since 1900, per cent of GDP
Inherited Year ending March 1997: 36.4% per cent of GDP. Latest Year ending March 2001: 28.2%.
Public sector net borrowing
Inherited April 1997: -£2.9bn £ million. Latest May 2001: -£1.4bn.
Public sector net debt
Inherited April 1997: £352.5bn £ billion. Latest May 2001: £322.2bn.
Public sector net debt as a share of GDP
Inherited April 1997: 36.9% percent. Latest May 2001: 28.1%.
Debt interest paid
Inherited April 1997: £2.2bn £ million. Latest May 2001: £3.1bn.