Study Id21149 British-Economy

COUNTRIES & REGIONS
Economy of the UK
Table of Contents
01 Gross domestic product Youth unemployment rate in the UK 1992-2023 23

Average annual earnings for full-time employees in the UK 1999-2022 24
GDP of the UK 1948-2022 04
Average weekly earning growth in the UK 2001-2023 25
Annual GDP growth in the UK 1949-2022 05
Number of redundancies in the UK 1995-2023 26
GDP per capita in the UK 1955-2022 06
Overall weekly hours worked in the UK 1971-2023 27
Quarterly GDP of the UK 1955-2022 07
Output per hour worked in the UK 1971 to 2022 28
Quarterly GDP growth of the UK 2015-2022 08
Annual unemployment rate in the UK 2000-2027 29
Quarterly GDP per capita in the UK 1955-2022 09
Monthly GDP of the UK 1997-2023 10
03 Inflation
Monthly GDP growth of the UK 2020-2023 11
GDP of the UK 2020, by region 12 CPI inflation rate in the UK 1989-2023 31
GDP growth rate in the UK 2020, by region 13 RPI inflation rate in the UK 1948-2023 32
GDP per capita of the UK 2020, by region 14 CPIH inflation rate in the UK 1989-2023 33
GDP growth forecast for the UK 2000-2027 15 PPI in the UK 2010-2023 34

CPI inflation rate in the UK 2023, by sector 35
02 Labor Market Consumer Price Index in the UK 1988-2023 36

Retail Price Index in the UK 1987-2023 37
Unemployment rate of the UK 1971-2023 17
CPIH in the UK 1988-2023 38
Employment rate in the UK 1971-2022 18
RPI annual inflation rate UK 2000-2027 39
Number of people unemployed in the UK 1971-2023 19
CPI annual inflation rate UK 2000-2027 40
Number of people employed in the UK 1971-2021 20
Unemployment rate in the UK 1971-2023, by gender 21
04 Government finances
Unemployment rate in the UK 1992-2023, by age group 22
1
Table of Contents
Central government current expenditure UK 1997-2021 42

Government current receipts in the UK 1997-2021 43
Public sector net debt in the UK 1997-2021 44
Public sector net borrowing as a percentage of GDP in the UK 1920-2021 45
Government borrowing in the UK 1997-2021 46
National debt as a percentage of GDP in the UK 1920-2022 47
Public sector spending in the United Kingdom 2021/22 48
Government revenue sources in the United Kingdom 2021/22, by source 49
05 Business Enterprise
Largest companies in the United Kingdom based on revenue 2022 51
Largest UK companies based on number of global employees 2020 52
Number of private sector businesses in the UK 2000-2022 53
Number of private sector businesses in the UK 2022, by sector 54
Number of businesses by enterprise size in the UK 2022 55
Number of private sector businesses in the UK 2022, by region 56
Number of local business units in the UK 2012-2022 57
Business investment index in the UK 1997-2022 58
Business confidence Index in the UK 1974-2023 59
2
CHAPTER 01
Gross domestic product

Gross domestic product of the United Kingdom from 1948 to 2022 (in
million GBP)
GDP of the UK 1948-2022
2,500,000
2,000,000
GDP in million GDP (CVM 2019)*
1,500,000
1,000,000
500,000
0
48
50
52
54
56
58
60
62
64
66
68
70
72
74
76
78
80
82
84
86
88
90
92
94
96
98
00
02
04
06
08
10
12
14
16
18
20
22
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
20
20
20
20
20
20
20
20
20
20
20
20
4 Description: The gross domestic product of the United Kingdom in 2022 was over 2.2 trillion British pounds, an increase of approximately 86.3 billion pounds compared to the previous year when the size of the UK economy was 2.14 trillion pounds. The drop in GDP
between 2019 and 2020 was brought about by the COVID-19 pandemic and subsequent lockdowns, which caused severe damage to many industries, particularly in the service sector upon which the UK economy is heavily reliant. Read more
Note(s): United Kingdom; 1948 to 2022; *GDP is displayed in real terms (seasonally adjusted chained volume measure with 2019 as the reference year) Read more
Source(s): Office for National Statistics (UK)
Annual growth of gross domestic product in the United Kingdom from
1949 to 2022
Annual GDP growth in the UK 1949-2022
10%
5%
Annual growth
0%
-5%
-10%
-15%
49
51
53
55
57
59
61
63
65
67
69
71
73
75
77
79
81
83
85
87
89
91
93
95
97
99
01
03
05
07
09
11
13
15
17
19
21
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
20
20
20
20
20
20
20
20
20
20
20
5 Description: The United Kingdom's economy grew by four percent in 2022, after a growth rate of 7.6 percent in 2021, and a record eleven percent decline in 2020, due to the economic fallout caused by the Coronavirus (COVID-19) pandemic. During the provided time
period, the biggest annual fall in gross domestic product prior to 2020 occurred in 2009, when the UK economy contracted by 4.5 percent at the height of the global financial crisis of the late 2000s. Between 1949 and 2020, the year with the [...] Read more
Note(s): United Kingdom; 1949 to 2022
Source(s): Office for Budget Responsibility; Office for National Statistics (UK)
Gross domestic product per capita in the United Kingdom from 1955 to
2022 (in GBP)
GDP per capita in the UK 1955-2022
35,000
30,000
GDP per capita in GBP (CVM 2019)*
25,000
20,000
15,000
10,000
5,000
55
57
59
61
63
65
67
69
71
73
75
77
79
81
83
85
87
89
91
93
95
97
99
01
03
05
07
09
11
13
15
17
19
21
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
20
20
20
20
20
20
20
20
20
20
20
6 Description: In 2022, gross domestic product per head in the United Kingdom was 32,887 British pounds, an increase of 1,073 pounds when compared with 2021. Read more
Note(s): United Kingdom; 1955 to 2022; *GDP is displayed in real terms (seasonally adjusted chained volume measure with 2019 as the reference year) Read more
Quarterly gross domestic product in the United Kingdom from 1st quarter
1955 to 4th quarter 2022 (in million GBP)
Quarterly GDP of the UK 1955-2022
600,000
500,000
GDP in million GDP (CVM 2019)*
400,000
300,000
200,000
100,000
0
Q1 1955
Q3 1956
Q1 1958
Q3 1959
Q1 1961
Q3 1962
Q1 1964
Q3 1965
Q1 1967
Q3 1968
Q1 1970
Q3 1971
Q1 1973
Q3 1974
Q1 1976
Q3 1977
Q1 1979
Q3 1980
Q1 1982
Q3 1983
Q1 1985
Q3 1986
Q1 1988
Q3 1989
Q1 1991
Q3 1992
Q1 1994
Q3 1995
Q1 1997
Q3 1998
Q1 2000
Q3 2001
Q1 2003
Q3 2004
Q1 2006
Q3 2007
Q1 2009
Q3 2010
Q1 2012
Q3 2013
Q1 2015
Q3 2016
Q1 2018
Q3 2019
Q1 2021
Q3 2022
7 Description: In the fourth quarter of 2022, the quarterly gross domestic product of the United Kingdom was approximately 557 billion British pounds, compared with 554 billion pounds in the same quarter of 2021. Read more
Note(s): United Kingdom; Q1 1955 to Q4 2022; *GDP is displayed in real terms (seasonally adjusted chained volume measure with 2019 as the reference year) Read more
Quarterly growth of gross domestic product in the United Kingdom from
1st quarter 2015 to 4th quarter 2022
Quarterly GDP growth of the UK 2015-2022
20%
15%
10%
Quarter-on-quarter growth
5%
0%
-5%
-10%
-15%
-20%
-25%
15
15
15
15
16
16
16
16
17
17
17
17
18
18
Q 18
Q 18
Q 19
Q 19
Q 19
Q 19
Q 20
Q 20
Q 20
Q 20
Q 21
Q 21
Q 21
Q 21
Q 22
Q 22
Q 22
22
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
1
4
Q
8 Description: The United Kingdom's economy had zero growth in the fourth quarter of 2022 after shrinking by 0.2 percent in the previous quarter, meaning the UK has narrowly avoided being in recession. In the third quarter of 2020 the UK experienced record setting
growth of 16.6 percent, which itself followed the record 21 percent contraction in Q2 2020. During that quarter, the UK was officially in a technical recession (defined as two consecutive quarters of negative growth), due to the economy [...] Read more
Note(s): United Kingdom; Q1 2015 to Q4 2022
Quarterly GDP per capita in the United Kingdom from 1st quarter 1955 to
4th quarter 2022 (in GBP)
Quarterly GDP per capita in the UK 1955-2022
9,500
8,500
7,500
GDP per capita in GBP
6,500
5,500
4,500
3,500
2,500
1,500
Q1 1955
Q3 1956
Q1 1958
Q3 1959
Q1 1961
Q3 1962
Q1 1964
Q3 1965
Q1 1967
Q3 1968
Q1 1970
Q3 1971
Q1 1973
Q3 1974
Q1 1976
Q3 1977
Q1 1979
Q3 1980
Q1 1982
Q3 1983
Q1 1985
Q3 1986
Q1 1988
Q3 1989
Q1 1991
Q3 1992
Q1 1994
Q3 1995
Q1 1997
Q3 1998
Q1 2000
Q3 2001
Q1 2003
Q3 2004
Q1 2006
Q3 2007
Q1 2009
Q3 2010
Q1 2012
Q3 2013
Q1 2015
Q3 2016
Q1 2018
Q3 2019
Q1 2021
Q3 2022
9 Description: In the fourth quarter of 2022, the quarterly GDP per capita in the United Kingdom was 8,215 British pounds, compared with 8,223 pounds in the corresponding quarter of 2021. Read more
Monthly index of gross domestic product in the United Kingdom from
January 1997 to January 2023 (2019=100)
Monthly GDP of the UK 1997-2023
105
100
95
GDP index (2019=100)
90
85
80
75
70
65
60
Jul 97
Jul 98
Jul 99
Jul 00
Jul 01
Jul 02
Jul 03
Jul 04
Jul 05
Jul 06
Jul 07
Jul 08
Jul 09
Jul 10
Jul 11
Jul 12
Jul 13
Jul 14
Jul 15
Jul 16
Jul 17
Jul 18
Jul 19
Jul 20
Jul 21
Jul 22
Jan 97
Jan 98
Jan 99
Jan 00
Jan 01
Jan 02
Jan 03
Jan 04
Jan 05
Jan 06
Jan 07
Jan 08
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
Jan 14
Jan 15
Jan 16
Jan 17
Jan 18
Jan 19
Jan 20
Jan 21
Jan 22
Jan 23
10 Description: The gross domestic product of the United Kingdom increased by 0.3 percent in January 2023, with the UK economy approximately 0.2 percent smaller than it was in February 2020, just before the start COVID-19 lockdowns. After a record 20.9 percent
decline in GDP in April 2020, the UK economy quickly returned to growth in the following months. By the end of 2020 however, economic growth stalled, and in 2021 fluctuated between a low of -2.9 percent in January to a high of 3.1 percent that April. Read more
Note(s): United Kingdom; January 1997 to January 2023
Monthly growth of gross domestic product in the United Kingdom from
January 2020 to January 2023
Monthly GDP growth of the UK 2020-2023
15%
10%
5%
Monthly GDP growth
0%
-5%
-10%
-15%
-20%
-25%
N 20
N 21
N 22
M 20
M 21
M 22
O 0
Ja 0
O 1
Ja 1
O 2
Ja 2
D 0
D 1
Ap 0
Ju 0
Ap 1
Ju 1
Ap 2
Ju 2
D 2
Au 20
Au 21
Au 22
Fe 0
M 20
20
Fe 1
M 21
21
Fe 2
M 22
22
23
Se 0
Se 1
Se 2
2
2
2
2
2
2
2
2
2
2
ct
ct
ct
b
b
p
ec
ec
ec
ov
ov
ar
ay
ar
ay
ar
ay
ov
l
l
n
n
g
g
Ju
Ju
Ju
Ja
11 Description: The gross domestic product of the United Kingdom grew by 0.3 percent in January 2023, after falling by 0.5 percent in the previous month. The UK economy is still reeling from the impact of COVID-19, and the huge 20.9 percent hit to the economy in that
month, which occurred due to the unprecedented public health measures enforced to contain the spread of the virus. As a result, several businesses have closed temporarily or even collapsed completely as a result of the economic damage. Read more
Gross domestic product of the United Kingdom in 2020, by region (in
million GBP)
GDP of the UK 2020, by region
Gross domestic product (in million GBP)

0 100,000 200,000 300,000 400,000 500,000 600,000
London 503,904
South East 318,142
North West 208,183
East of England 182,910
Scotland 161,954
South West 158,524
West Midlands 156,685
Yorkshire and The Humber 142,008
East Midlands 126,289
Wales 75,695
North East 61,951
Northern Ireland 48,478
12 Description: In 2020, London had a gross domestic product of over 503 billion British pounds, the most of any region of the United Kingdom. The region of South East England which surrounds London had the second-highest GDP in this year, at over 318.1 billion
pounds. North West England, which includes the major cities of Manchester and Liverpool had the third-largest GDP among UK regions, at approximately 208.2 billion pounds. Read more
Note(s): United Kingdom; 2020
Annual growth rates of gross domestic product in the United Kingdom in
2020, by region
GDP growth rate in the UK 2020, by region
GDP growth rate

-13% -12% -11% -10% -9% -8% -7% -6% -5% -4% -3% -2% -1% 0%
United Kingdom -9.7%

North East -12%
West Midlands -11.6%
Wales -11.2%
South West -11.2%
Yorkshire and The Humber -11.1%
East of England -11%
North West -10.9%
Scotland -10.7%
East Midlands -10.5%
Northern Ireland -10.5%
South East -10.3%
London -9.9%
13 Description: In 2020,all regions of the United Kingdom had a negative gross domestic product growth rate, with the economy of North East England shrinking by 12 percent, the most of any UK region. Read more
Gross domestic product per capita of the United Kingdom in 2020, by
region (in GBP)
GDP per capita of the UK 2020, by region
GDP per capita in GDP

0 10,000 20,000 30,000 40,000 50,000 60,000
United Kingdom 32,141

London 55,974
South East 34,516
Scotland 29,629
North West 28,257
South West 28,012
Yorkshire and The Humber 25,696
Wales 23,882
North East 23,109
14 Description: In 2020, the gross domestic product per person in London was almost 56,000 pounds, around 23,800 more than the average for the entire United Kingdom, and over 32,870 more than the North East of England, which had the lowest GDP per head in this
year. Read more
Forecasted annual growth of gross domestic product in the United
Kingdom from 2000 to 2027
GDP growth forecast for the UK 2000-2027
10%
8%
6%
4%
2%
GDP growth
0%
-2%
-4%
-6%
-8%
-10%
-12%
*
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
15 Description: During 2022 the gross domestic product (GDP) of the United Kingdom is expected to grow by 4.2 percent in 2022 and then fall by 1.4 percent in 2023. The sudden emergence of COVID-19 in 2020 and subsequent closure of large parts of the economy is the
cause of the sharp 9.4 percent contraction in 2020. Read more
Note(s): United Kingdom; 2000 to 2027; *Forecast data Read more
Source(s): Office for Budget Responsibility
CHAPTER 02
Labor Market
Unemployment rate in the United Kingdom from March 1971 to January
2023
Unemployment rate of the UK 1971-2023
12.5%
11.5%
10.5%
9.5%
Unemployment rate
8.5%
7.5%
6.5%
5.5%
4.5%
3.5%
2.5%
Mar 71
Mar 72
Mar 73
Mar 74
Mar 75
Mar 76
Mar 77
Mar 78
Mar 79
Mar 80
Mar 81
Mar 82
Mar 83
Mar 84
Mar 85
Mar 86
Mar 87
Mar 88
Mar 89
Mar 90
Mar 91
Mar 92
Mar 93
Mar 94
Mar 95
Mar 96
Mar 97
Mar 98
Mar 99
Mar 00
Mar 01
Mar 02
Mar 03
Mar 04
Mar 05
Mar 06
Mar 07
Mar 08
Mar 09
Mar 10
Mar 11
Mar 12
Mar 13
Mar 14
Mar 15
Mar 16
Mar 17
Mar 18
Mar 19
Mar 20
Mar 21
Mar 22
17 Description: The unemployment rate of the United Kingdom was 3.7 percent in January 2023, the same as the previous three months, and one of the lowest unemployment rates since 1974. By comparison, in the three months to January 2021, the unemployment rate
was five percent, the highest since August 2016. Before the arrival of the Coronavirus pandemic, the UK had relatively low levels of unemployment, comparable with the mid-1970s. Between March 1974 and the most recent [...] Read more
Note(s): United Kingdom; March 1971 to January 2023; 16 years and older
Employment rate in the United Kingdom from March 1971 to January 2023
Employment rate in the UK 1971-2022
78%
76%
74%
72%
Employment rate
70%
68%
66%
64%
62%
60%
Mar 71
Mar 72
Mar 73
Mar 74
Mar 75
Mar 76
Mar 77
Mar 78
Mar 79
Mar 80
Mar 81
Mar 82
Mar 83
Mar 84
Mar 85
Mar 86
Mar 87
Mar 88
Mar 89
Mar 90
Mar 91
Mar 92
Mar 93
Mar 94
Mar 95
Mar 96
Mar 97
Mar 98
Mar 99
Mar 00
Mar 01
Mar 02
Mar 03
Mar 04
Mar 05
Mar 06
Mar 07
Mar 08
Mar 09
Mar 10
Mar 11
Mar 12
Mar 13
Mar 14
Mar 15
Mar 16
Mar 17
Mar 18
Mar 19
Mar 20
Mar 21
Mar 22
18 Description: In the three months to January 2023, the employment rate in the United Kingdom was 75.7 percent, compared with 75.4 percent for the same period in 2022. After almost dropping below 70 percent in 2011, the employment rate in the United Kingdom
started to climb at a relatively fast pace, peaking in early 2020. After that particular point however, the employment rate has declined to the levels seen in more recent months, due to the arrival of the Coronavirus pandemic, and societal [...] Read more
Note(s): United Kingdom; March 1971 to December 2022; 16-64 years
Number of people unemployed in the United Kingdom from March 1971
to January 2023 (in 1,000s)
Number of people unemployed in the UK 1971-2023
3,500
Number of unemployed people in thousands
3,000
2,500
2,000
1,500
1,000
500
0
Mar 71
Mar 72
Mar 73
Mar 74
Mar 75
Mar 76
Mar 77
Mar 78
Mar 79
Mar 80
Mar 81
Mar 82
Mar 83
Mar 84
Mar 85
Mar 86
Mar 87
Mar 88
Mar 89
Mar 90
Mar 91
Mar 92
Mar 93
Mar 94
Mar 95
Mar 96
Mar 97
Mar 98
Mar 99
Mar 00
Mar 01
Mar 02
Mar 03
Mar 04
Mar 05
Mar 06
Mar 07
Mar 08
Mar 09
Mar 10
Mar 11
Mar 12
Mar 13
Mar 14
Mar 15
Mar 16
Mar 17
Mar 18
Mar 19
Mar 20
Mar 21
Mar 22
19 Description: There were approximately 1.25 million unemployed people in the United Kingdom in the three months to January 2023, with the figure in December 2020 being the highest number since September 2015, when there were just over 1.76 million
unemployed. The rise in unemployment in Summer 2020 can be attributed to the Coronavirus pandemic and closure of significant parts of the UK economy. Read more
Note(s): United Kingdom; March 1971 to December 2022
Number of people employed in the United Kingdom from March 1971 to
January 2023 (in 1,000s)
Number of people employed in the UK 1971-2021
34,500
Number of people employed in thousands
32,500
30,500
28,500
26,500
24,500
22,500
Mar 71
Mar 72
Mar 73
Mar 74
Mar 75
Mar 76
Mar 77
Mar 78
Mar 79
Mar 80
Mar 81
Mar 82
Mar 83
Mar 84
Mar 85
Mar 86
Mar 87
Mar 88
Mar 89
Mar 90
Mar 91
Mar 92
Mar 93
Mar 94
Mar 95
Mar 96
Mar 97
Mar 98
Mar 99
Mar 00
Mar 01
Mar 02
Mar 03
Mar 04
Mar 05
Mar 06
Mar 07
Mar 08
Mar 09
Mar 10
Mar 11
Mar 12
Mar 13
Mar 14
Mar 15
Mar 16
Mar 17
Mar 18
Mar 19
Mar 20
Mar 21
Mar 22
20 Description: There were approximately 32.8 million people employed in the United Kingdom in the three months to January 2023 which was just above the same period of 2022. During the provided time period, employment figures peaked in the UK during February
2020 at over 33 million, and was it's lowest in May 1983, at just over 23.6 million. Read more
Unemployment rate in the United Kingdom from March 1971 to January
2023, by gender
Unemployment rate in the UK 1971-2023, by gender
Male Female
14%
12%
10%
Unemployment rate
8%
6%
4%
2%
0%
Mar 71
Mar 72
Mar 73
Mar 74
Mar 75
Mar 76
Mar 77
Mar 78
Mar 79
Mar 80
Mar 81
Mar 82
Mar 83
Mar 84
Mar 85
Mar 86
Mar 87
Mar 88
Mar 89
Mar 90
Mar 91
Mar 92
Mar 93
Mar 94
Mar 95
Mar 96
Mar 97
Mar 98
Mar 99
Mar 00
Mar 01
Mar 02
Mar 03
Mar 04
Mar 05
Mar 06
Mar 07
Mar 08
Mar 09
Mar 10
Mar 11
Mar 12
Mar 13
Mar 14
Mar 15
Mar 16
Mar 17
Mar 18
Mar 19
Mar 20
Mar 21
Mar 22
21 Description: In the three months to January 2023 the unemployment rate for males in the United Kingdom was 3.8 percent, while for females it was 3.6 percent. The male unemployment rates seen in late 2020 were the highest since September 2015, while the rates
for females reached heights last seen in Autumn 2016. During the provided time period, the unemployment rate for males peaked in January 1993 at 12.7 percent, while for females the unemployment rate was highest in April and May 1984 [...] Read more
Unemployment rate in the United Kingdom from May 1992 to January
2023, by age group
Unemployment rate in the UK 1992-2023, by age group
16-24 25-34 35-49 50-64 65+

25%
20%
Unemployment rate
15%
10%
5%
0%
Oct 98
Oct 05
Oct 12
Oct 19
Feb 94
Feb 01
Feb 08
Feb 15
Feb 22
Dec 92
Sep 94
Dec 99
Sep 01
Dec 06
Sep 08
Dec 13
Sep 15
Dec 20
Sep 22
Nov 95
Nov 02
Nov 09
Nov 16
May 92
May 99
May 06
May 13
May 20
Mar 98
Mar 05
Mar 12
Mar 19
Jul 93
Jul 00
Jul 07
Jul 14
Jul 21
Jun 96
Jun 03
Jun 10
Jun 17
Apr 95
Jan 97
Apr 02
Jan 04
Apr 09
Jan 11
Jan 18
Apr 16
Aug 97
Aug 04
Aug 11
Aug 18
22 Description: Approximately 10.8 percent of people aged 16 to 24 were unemployed in the United Kingdom in January 2023, the highest of any age group. During this time period, older age groups have had much lower unemployment rates than 16-24-year-old's, who
have consistently had the highest unemployment rate. For almost all the age groups, the peak in the unemployment rate was recorded in 2011 when over a fifth of 16 to 24-year-old's were unemployed. Read more
Note(s): United Kingdom; May 1992 to January 2023; 16 years and older
Youth unemployment rate in the United Kingdom from May 1992 to
January 2023
Youth unemployment rate in the UK 1992-2023
Overall (16-24) 16-17 18-24

45%
40%
35%
Unemployment rate
30%
25%
20%
15%
10%
5%
0%
Oct 98
Oct 05
Oct 12
Oct 19
Feb 94
Feb 01
Feb 08
Feb 15
Feb 22
Dec 92
Sep 94
Dec 99
Sep 01
Dec 06
Sep 08
Dec 13
Sep 15
Dec 20
Sep 22
Nov 95
Nov 02
Nov 09
Nov 16
May 92
May 99
May 06
May 13
May 20
Mar 98
Mar 05
Mar 12
Mar 19
Jul 93
Jul 00
Jul 07
Jul 14
Jul 21
Jun 96
Jun 03
Jun 10
Jun 17
Apr 95
Jan 97
Apr 02
Jan 04
Apr 09
Jan 11
Jan 18
Apr 16
Aug 97
Aug 04
Aug 11
Aug 18
23 Description: The youth unemployment rate in the United Kingdom was 10.8 percent in January 2023, a decline when compared with the same period of 2022. Approximately 21.3 percent of those aged between 16 and 17 were unemployed in this month, with the
recent rate of 35.5 percent in May 2021 the highest unemployment rate for this age group since 2014. Read more
Note(s): United Kingdom; May 1992 to January 2023; 16-24 years
Median annual earnings for full-time employees in the United Kingdom
from 1999 to 2022 (in GBP)
Average annual earnings for full-time employees in the UK 1999-2022
35,000
33,000
31,000
29,000
Average earnings in GBP
27,000
25,000
23,000
21,000
19,000
17,000
15,000
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
24 Description: The median annual earnings for full-time employees in the United Kingdom was approximately 33,000 British pounds in 2022. Compared with 1999, when the median full-time earnings amounted to 17,830 pounds, there has been a net increase of 15,170
pounds. Read more
Average year-on-year growth of weekly earnings (3 month average) in the
United Kingdom from March 2001 to January 2023
Average weekly earning growth in the UK 2001-2023
Total Pay (Nominal) Regular Pay (Nominal) Total Pay (Real) Regular Pay (Real)
10%
8%
6%
Average year-on-year change
4%
2%
0%
-2%
-4%
-6%
-8%
Oct 05
Oct 10
Oct 15
Oct 20
Feb 04
Feb 09
Feb 14
Feb 19
Sep 03
Dec 04
Sep 08
Dec 09
Sep 13
Dec 14
Sep 18
Dec 19
Nov 02
Nov 07
Nov 12
Nov 17
Nov 22
May 05
May 10
May 15
May 20
Mar 01
Mar 06
Mar 11
Mar 16
Mar 21
Jul 04
Jul 09
Jul 14
Jul 19
Jan 02
Jun 02
Jan 07
Jun 07
Jan 12
Jun 12
Apr 03
Apr 08
Apr 13
Jan 17
Jun 17
Jan 22
Jun 22
Apr 18
Aug 01
Aug 06
Aug 11
Aug 16
Aug 21
25 Description: In the three months to January 2023, total pay in the United Kingdom grew by approximately 5.7 percent, while regular pay grew by 6.5 percent. When this was adjusted for inflation, however, total pay fell by 3.2 percent, and regular pay by 2.4 percent.
Between March and June 2020, there is a clear fall in wage growth, brought on by the sudden economic shock caused by the Coronavirus pandemic, with the high-growth rates in the first half of 2021 also skewed somewhat by the pandemic. Read more
Average number of people made redundant in the United Kingdom from
May 1995 to January 2023 (in 1,000s)
Number of redundancies in the UK 1995-2023
450
400
Number of redundancies in thousands
350
300
250
200
150
100
50
0
Oct 01
Oct 08
Oct 15
Oct 22
Feb 97
Feb 04
Feb 11
Feb 18
Dec 95
Sep 97
Dec 02
Sep 04
Dec 09
Sep 11
Dec 16
Sep 18
Nov 98
Nov 05
Nov 12
Nov 19
May 95
May 02
May 09
May 16
Mar 01
Mar 08
Mar 15
Mar 22
Jul 96
Jul 03
Jul 10
Jul 17
Jun 99
Jan 00
Jun 06
Jan 07
Jun 13
Jan 14
Jun 20
Apr 98
Apr 05
Apr 12
Apr 19
Jan 21
Aug 00
Aug 07
Aug 14
Aug 21
26 Description: In the three months to January 2023, there were 94,000 redundancies made in the United Kingdom compared with 99,000 in the previous month. During this time period, the month with the highest number of redundancies was November 2020, when
there were approximately 402,000. Read more
Note(s): United Kingdom; May 1995 to January 2023
Overall weekly hours worked for all employees in the United Kingdom
from May 1971 to January 2023 (in million hours worked)
Overall weekly hours worked in the UK 1971-2023
1,100
1,050
Overall weekly hours of work in millions
1,000
950
900
850
800
750
Mar 71
Mar 72
Mar 73
Mar 74
Mar 75
Mar 76
Mar 77
Mar 78
Mar 79
Mar 80
Mar 81
Mar 82
Mar 83
Mar 84
Mar 85
Mar 86
Mar 87
Mar 88
Mar 89
Mar 90
Mar 91
Mar 92
Mar 93
Mar 94
Mar 95
Mar 96
Mar 97
Mar 98
Mar 99
Mar 00
Mar 01
Mar 02
Mar 03
Mar 04
Mar 05
Mar 06
Mar 07
Mar 08
Mar 09
Mar 10
Mar 11
Mar 12
Mar 13
Mar 14
Mar 15
Mar 16
Mar 17
Mar 18
Mar 19
Mar 20
Mar 21
Mar 22
27 Description: The overall weekly hours of work in the United Kingdom plummeted from over one billion hours in the three months to January 2020 to just 841 million in the three months to June 2020, which was the lowest level seen since the middle of 1994. In the
most recent month the overall weekly hours of work amounted to over one billion hours. Read more
Note(s): United Kingdom; May 1971 to January 2023
Economic output per hour worked in the United Kingdom from 1st quarter
1971 to 3rd quarter 2022 (2019=100)
Output per hour worked in the UK 1971 to 2022
115
Output per hour worked in the UK (2019=100)
105
95
85
75
65
55
45
35
1971 Q1
1972 Q1
1973 Q1
1974 Q1
1975 Q1
1976 Q1
1977 Q1
1978 Q1
1979 Q1
1980 Q1
1981 Q1
1982 Q1
1983 Q1
1984 Q1
1985 Q1
1986 Q1
1987 Q1
1988 Q1
1989 Q1
1990 Q1
1991 Q1
1992 Q1
1993 Q1
1994 Q1
1995 Q1
1996 Q1
1997 Q1
1998 Q1
1999 Q1
2000 Q1
2001 Q1
2002 Q1
2003 Q1
2004 Q1
2005 Q1
2006 Q1
2007 Q1
2008 Q1
2009 Q1
2010 Q1
2011 Q1
2012 Q1
2013 Q1
2014 Q1
2015 Q1
2016 Q1
2017 Q1
2018 Q1
2019 Q1
2020 Q1
2021 Q1
2022 Q1
28 Description: In the third quarter of 2022, output per hour worked in the United Kingdom was 1.6 percent higher than in the base year of 2019. but below the levels it reached in the last quarter of 2021. Read more
Annual unemployment rate in the United Kingdom from 2000 to 2027
Annual unemployment rate in the UK 2000-2027
9%
8%
7%
6%
Unemployment rate
5%
4%
3%
2%
1%
0%
*
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
29 Description: In 2023, the unemployment rate of the United Kingdom is expected to be 4.1 percent, compared with 3.6 percent in 2022. Unemployment is expected to rise to 4.9 percent by 2024, before falling gradually to 4.2 percent by 2027. A common indicator of an
economy`s relative health, the unemployment rate has generally been falling in the United Kingdom since it`s 2011 peak of 8.1 percent. Read more
Note(s): United Kingdom; 2000 to 2027; *Data for 2022-2026 is forecast data Outturn data is from the Office of National Statistics: Dataset ID: MGSX Read more
CHAPTER 03
Inflation
Inflation rate for the Consumer Price Index (CPI) in the United Kingdom
from January 1989 to January 2023
CPI inflation rate in the UK 1989-2023
12%
10%
8%
Inflation rate
6%
4%
2%
0%
-2%
Sep 89
Sep 91
Sep 93
Sep 95
Sep 97
Sep 99
Sep 01
Sep 03
Sep 05
Sep 07
Sep 09
Sep 11
Sep 13
Sep 15
Sep 17
Sep 19
Sep 21
May 90
May 92
May 94
May 96
May 98
May 00
May 02
May 04
May 06
May 08
May 10
May 12
May 14
May 16
May 18
May 20
May 22
Jan 89
Jan 91
Jan 93
Jan 95
Jan 97
Jan 99
Jan 01
Jan 03
Jan 05
Jan 07
Jan 09
Jan 11
Jan 13
Jan 15
Jan 17
Jan 19
Jan 21
Jan 23
31 Description: The UK inflation rate was 10.1 percent in January 2023 after reaching a high of 11.1 percent in October 2022. Surging housing costs contributed the most towards inflation in the most recent month and have increased by 26.6 percent since last year. The
last time prices were rising at comparable levels was in 1992, when inflation peaked at 8.4 percent. Between 1993 and 2021, the UK inflation rate never exceeded 5.4 percent and was usually at much lower levels. Read more
Inflation rate for the Retail Price Index in the United Kingdom from June
1948 to January 2023
RPI inflation rate in the UK 1948-2023
30%
25%
20%
15%
RPI rate
10%
5%
0%
-5%
Oct 59
Oct 76
Oct 93
Oct 10
Feb 54
Feb 71
Feb 88
Feb 05
Feb 22
Sep 52
Dec 56
Sep 69
Dec 73
Sep 86
Dec 90
Sep 03
Dec 07
Sep 20
Nov 49
Nov 66
Nov 83
Nov 00
Nov 17
May 58
May 75
May 92
May 09
Mar 61
Mar 78
Mar 95
Mar 12
Jul 55
Jul 72
Jul 89
Jul 06
Jun 48
Jun 82
Apr 51
Jan 64
Jun 65
Jan 81
Jan 98
Jun 99
Jan 15
Jun 16
Apr 68
Apr 85
Apr 02
Apr 19
Aug 62
Aug 79
Aug 96
Aug 13
32 Description: The inflation rate for the Retail Price Index in the United Kingdom was 13.4 percent in January 2023, the same as the previous month. Between 1949 and 2021the inflation rate of the Retail Price Index fluctuated from a high of 26.9 percent in August 1975
and a low of minus 1.6 percent in June 2009. This current rate is far higher thanforecasts from the UK government at the start of 2021, which suggested that the RPI would stick to a rate lower than two percent until at least 2023. Read more
Note(s): United Kingdom; June 1948 to January 2023
Inflation rate for the Consumer Price Index including owner occupiers' housing
costs (CPIH) in the United Kingdom from January 1989 to January 2023
CPIH inflation rate in the UK 1989-2023
12.0%
10.0%
8.0%
CPIH inflation rate
6.0%
4.0%
2.0%
0.0%
Sep 89
Sep 91
Sep 93
Sep 95
Sep 97
Sep 99
Sep 01
Sep 03
Sep 05
Sep 07
Sep 09
Sep 11
Sep 13
Sep 15
Sep 17
Sep 19
Sep 21
May 90
May 92
May 94
May 96
May 98
May 00
May 02
May 04
May 06
May 08
May 10
May 12
May 14
May 16
May 18
May 20
May 22
Jan 89
Jan 91
Jan 93
Jan 95
Jan 97
Jan 99
Jan 01
Jan 03
Jan 05
Jan 07
Jan 09
Jan 11
Jan 13
Jan 15
Jan 17
Jan 19
Jan 21
Jan 23
33 Description: In January 2023, the CPIH inflation rate of the United Kingdom was 8.8 percent, following a rate of 9.2 percent in the previous month. The inflation rate fell noticeably after the Coronavirus pandemic, but has risen sharply since Spring 2021. Read more
Producer Price Index (PPI) in the United Kingdom from October 2010 to
January 2023
PPI in the UK 2010-2023
Input Output
160
150
Producer Price Index (2015=100)
140
130
120
110
100
90
Oct 10
Oct 11
Oct 12
Oct 13
Oct 14
Oct 15
Oct 16
Oct 17
Oct 18
Oct 19
Oct 20
Oct 21
Oct 22
Jul 11
Jul 12
Jul 13
Jul 14
Jul 15
Jul 16
Jul 17
Jul 18
Jul 19
Jul 20
Jul 21
Jul 22
Jan 11
Jan 12
Jan 16
Apr 11
Apr 12
Jan 13
Apr 13
Jan 14
Apr 14
Jan 15
Apr 15
Apr 16
Jan 17
Apr 17
Jan 18
Apr 18
Jan 19
Apr 19
Jan 20
Apr 20
Jan 21
Apr 21
Jan 22
Jan 23
Apr 22
34 Description: During the period between October 2010 and January 2023, the producer price index (PPI) in the United Kingdom for goods bought and sold by manufacturers has increased, with input prices being more volatile than output prices. Read more
Note(s): October 2010 to January 2023
Inflation rate for the Consumer Price Index (CPI) in the United Kingdom in
January 2023, by sector
CPI inflation rate in the UK 2023, by sector
Inflation rate
0% 5% 10% 15% 20% 25% 30%
CPI (overall index) 10.1%

Housing, water, electricity, gas and other fuels 26.7%
Food and non-alcoholic beverages 16.7%
Restaurants and hotels 10.8%
Furniture, household equipment and maintenance 9.2%
Health 6.3%
Clothing and footwear 6.2%
Miscellaneous goods and services 5.8%
Alcoholic beverages and tobacco 5.1%
Recreation and culture 5%
Education 3.2%
Transport 3.1%
Communication 2.4%
35 Description: In January 2023 prices in the United Kingdom's housing and household services sector were 26.7 percent higher than a year earlier, while foods costs were 16.7 percent higher. During this month, no sectors experienced a negative inflation rate, with
prices increasing to some degree in every sector. Read more
Note(s): United Kingdom; January 2023
Consumer Price Index (CPI) in the United Kingdom from January 1988 to
January 2023
Consumer Price Index in the UK 1988-2023
140
130
120
110
Index score (2015=100)
100
90
80
70
60
50
40
Sep 88
Sep 90
Sep 92
Sep 94
Sep 96
Sep 98
Sep 00
Sep 02
Sep 04
Sep 06
Sep 08
Sep 10
Sep 12
Sep 14
Sep 16
Sep 18
Sep 20
Sep 22
May 89
May 91
May 93
May 95
May 97
May 99
May 01
May 03
May 05
May 07
May 09
May 11
May 13
May 15
May 17
May 19
May 21
Jan 88
Jan 90
Jan 92
Jan 94
Jan 96
Jan 98
Jan 00
Jan 02
Jan 04
Jan 06
Jan 08
Jan 10
Jan 12
Jan 14
Jan 16
Jan 18
Jan 20
Jan 22
36 Description: The Consumer Price Index of the United Kingdom was 126.4 as of January 2023, indicating that consumer prices have increased by 27.1 percent when compared with January 2015. In this month the inflation rate for the CPI was 11.1 percent, the fastest
rate of inflation for decades. Read more
Retail Price Index (RPI) in the United Kingdom from January 1987 to
January 2023
Retail Price Index in the UK 1987-2023
400
350
300
Index score (1987=100)
250
200
150
100
50
Oct 87
Oct 90
Oct 93
Oct 96
Oct 99
Oct 02
Oct 05
Oct 08
Oct 11
Oct 14
Oct 17
Oct 20
Jul 88
Jul 91
Jul 94
Jul 97
Jul 00
Jul 03
Jul 06
Jul 09
Jul 12
Jul 15
Jul 18
Jul 21
Jan 87
Jan 90
Jan 93
Jan 99
Apr 89
Apr 92
Apr 95
Jan 96
Apr 98
Apr 01
Jan 02
Apr 04
Jan 05
Apr 07
Jan 08
Jan 11
Apr 10
Apr 13
Jan 14
Apr 16
Jan 17
Apr 19
Jan 20
Apr 22
Jan 23
37 Description: The Retail Price Index (RPI) is one of the main measures of inflation used to calculate the change in the price of goods and services within the British economy. In January 2023 the index value was 360.3, indicating that the price for a fixed basket of goods
had increased by more than 258 percent since 1987. Read more
Consumer Price Index including owner occupiers' housing costs (CPIH) in
the United Kingdom from January 1988 to January 2023
CPIH in the UK 1988-2023
135
125
115
105
CPIH index (2015=100)
95
85
75
65
55
45
35
Sep 88
Sep 90
Sep 92
Sep 94
Sep 96
Sep 98
Sep 00
Sep 02
Sep 04
Sep 06
Sep 08
Sep 10
Sep 12
Sep 14
Sep 16
Sep 18
Sep 20
Sep 22
May 89
May 91
May 93
May 95
May 97
May 99
May 01
May 03
May 05
May 07
May 09
May 11
May 13
May 15
May 17
May 19
May 21
Jan 88
Jan 90
Jan 92
Jan 94
Jan 96
Jan 98
Jan 00
Jan 02
Jan 04
Jan 06
Jan 08
Jan 10
Jan 12
Jan 14
Jan 16
Jan 18
Jan 20
Jan 22
38 Description: As of January 2023 the CPIH index in the United Kingdom was 124.8 indicating that consumer goods and services had increased in price by 24.8 percent when compared with the baseline year of 2015. The CPIH index is the consumer price index which also
includes costs related to owning and maintaining a home. Read more
Note(s): Europe, United Kingdom; January 1988 to January 2023
Annual inflation rate of the Retail Price Index in the United Kingdom from
2000 to 2027
RPI annual inflation rate UK 2000-2027
14%
12%
10%
RPI inflation rate
8%
6%
4%
2%
0%
-2%
*
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
39 Description: Inflation is an important measure of any country`s economy, and the Retail Price Index (RPI) is one of the most widely used indicators in the United Kingdom, with the rate expected to rise to 11.6 percent in 2022. The forecasted inflation rate for this index
is estimated fall in the years after 2022, to 1.5 percent by 2024. Read more
Note(s): United Kingdom; 2000 to 2027; *Data for 2022-2027 is forecast data Outturn data is from the Office of National Statistics Annual RPI Inflation Rate: Dataset ID: CZBH Read more
Annual inflation rate of the Consumer Price Index in the United Kingdom
from 2000 to 2027
CPI annual inflation rate UK 2000-2027
10%
8%
Inflation rate forecast
6%
4%
2%
0%
-2%
*
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
40 Description: In 2022 the annual inflation rate for the United Kingdom is expected to reach an annual rate of 9.1 percent before falling to 7.4 percent in 2023, and then 0.6 percent in 2024. During the provided time period which shows outturn, the inflation rate was at
it's highest in 2011 when it reached 4.5 percent. Read more
Note(s): United Kingdom; 2000 to 2027; *Data for 2022-2027 is forecast data Outturn data is from the Office of National Statistics Annual CPI Inflation Rate: Dataset ID: D7G7 Read more
CHAPTER 04
Government finances
Central government current expenditure in the United Kingdom from
1997/98 to 2020/21 (in million GBP)
Central government current expenditure UK 1997-2021
1,000,000
Central government expenditure in million GBP
900,000
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
8
1
/9
/9
/0
/0
/0
/0
/0
/0
/0
/0
/0
/0
/1
/1
/1
/1
/1
/1
/1
/1
/1
/1
/2
/2
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
19
19
19
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
42 Description: The central government of the United Kingdom had a current expenditure of approximately 943.2 billion British pounds in 2020/21, compared with 73.8 billion pounds in the 2019/20 financial year. Read more
Total central government current receipts in the United Kingdom from
1997/98 to 2020/21 (in million GBP)
Government current receipts in the UK 1997-2021
800,000
Central government receipts in million GBP
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
8
1
/9
/9
/0
/0
/0
/0
/0
/0
/0
/0
/0
/0
/1
/1
/1
/1
/1
/1
/1
/1
/1
/1
/2
/2
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
19
19
19
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
43 Description: In 2020/21 the central government of the United Kingdom received approximately 723.5billion British pounds in current receipts. This was a fall on the previous financial year, when receipts amounted to approximately 759.3 billion pounds. Read more
Public sector net debt in the United Kingdom from 1997/98 to 2020/21 (in
billion GBP)
Public sector net debt in the UK 1997-2021
2,500
2,000
Net debt in billion GBP
1,500
1,000
500
0
8
1
/9
/9
/0
/0
/0
/0
/0
/0
/0
/0
/0
/0
/1
/1
/1
/1
/1
/1
/1
/1
/1
/1
/2
/2
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
19
19
19
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
44 Description: Government debt in the United Kingdom reached over 2.1 trillion British pounds in 2020/21, compared with 1.79 trillion pounds in 2019/20. Although the amount of public sector debt has been rising for some time, there is a noticeable uptick between
2019/20 and 2020/21, when government spending increased substantially due to the economic impact of the Coronavirus pandemic. Read more
Note(s): United Kingdom; April 1997 to November 2021
Public sector net borrowing as a percentage of gross domestic product in
the United Kingdom from 1920/21 to 2020/21
Public sector net borrowing as a percentage of GDP in the UK 1920-2021
30%
25%
20%
Borrowing as a share of GDP
15%
10%
5%
0%
-5%
-10%
1920/21
1922/23
1924/25
1926/27
1928/29
1930/31
1932/33
1934/35
1936/37
1938/39
1940/41
1942/43
1944/45
1946/47
1948/49
1950/51
1952/53
1954/55
1956/57
1958/59
1960/61
1962/63
1964/65
1966/67
1968/69
1970/71
1972/73
1974/75
1976/77
1978/79
1980/81
1982/83
1984/85
1986/87
1988/89
1990/91
1992/93
1994/95
1996/97
1998/99
2000/01
2002/03
2004/05
2006/07
2008/09
2010/11
2012/13
2014/15
2016/17
2018/19
2020/21
45 Description: Public sector net borrowing amounted to 15 percent of gross domestic product in the United Kingdom in 2020/21, the highest it has been since the 1940s. After the end of the Second World War, government borrowing in the UK gradually fell, before a
sharp increase is visible in the late 2000s at the time of the global financial crisis. Read more
Public sector net borrowing in the United Kingdom from 1997/98 to
2020/21 (in million GBP)
Government borrowing in the UK 1997-2021
350,000
300,000
Net borrowing in million GBP
250,000
200,000
150,000
100,000
50,000
-50,000
8
1
/9
/9
/0
/0
/0
/0
/0
/0
/0
/0
/0
/0
/1
/1
/1
/1
/1
/1
/1
/1
/1
/1
/2
/2
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
19
19
19
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
46 Description: In 2020/21, the government of the United Kingdom borrowed approximately 321.9 billion British pounds, to cover the gap between revenue and spending in that financial year. This was by far the most that the UK goverment borrowed in a financial year
during the provided time period. Read more
Public sector net debt expressed as a percentage of gross domestic
product in the United Kingdom from 1920/21 to 2021/22
National debt as a percentage of GDP in the UK 1920-2022
300%
250%
Debt as a percentage of GDP
200%
150%
100%
50%
0%
1920/21
1922/23
1924/25
1926/27
1928/29
1930/31
1932/33
1934/35
1936/37
1938/39
1940/41
1942/43
1944/45
1946/47
1948/49
1950/51
1952/53
1954/55
1956/57
1958/59
1960/61
1962/63
1964/65
1966/67
1968/69
1970/71
1972/73
1974/75
1976/77
1978/79
1980/81
1982/83
1984/85
1986/87
1988/89
1990/91
1992/93
1994/95
1996/97
1998/99
2000/01
2002/03
2004/05
2006/07
2008/09
2010/11
2012/13
2014/15
2016/17
2018/19
2020/21
47 Description: Public sector net debt amounted to 94.9 percent of gross domestic product in the United Kingdom as og January 2022, the highest it has been since the early 1960s. After the end of the Second World War, government borrowing in the UK gradually fell,
before a sharp increase is visible in the late 2000s at the time of the global financial crisis. Read more
Budgeted public sector expenditure on services in the United Kingdom in
2021/22, by function (in billion GBP)
Public sector spending in the United Kingdom 2021/22
Personal social services 40 Housing and environment 33

Public order and safety 41
Debt interest 45
Social protection 302
Transport 51
Other (including EU
transactions) 57
Defense 60
Health 230
Industry, agriculture and
employment 70
Education 124
48 Description: In 2021, the expenditure of the United Kingdom government is expected to be over one trillion British pounds, with the highest spending function being the 302 billion pounds expected to be spent on social protection, which includes pensions and other
welfare benefits. Government spending on health was expected to be 230 billion pounds and was the second highest spending function in this fiscal year, while education was the next highest category at 124 billion pounds. Read more
Source(s): HM Treasury
Expected public sector current receipts in the United Kingdom in 2021/22,
by function (in billion GBP)
Government revenue sources in the United Kingdom 2021/22, by source
Council tax 40 Business rates 24
Corporation Tax 40
Excise duties 48
Income Tax 198
Other taxes 84
VAT 151
Other non-taxes 88
National Insurance
contributions 147
49 Description: In 2021/22, government of the United Kingdom is expected to receive 820 billion British pounds of public sector current receipts, with 198 billion British pounds coming from income tax, as well as 151 billion pounds from VAT. Read more
Source(s): HM Treasury
CHAPTER 05
Business Enterprise
Largest companies in the United Kingdom based on revenue in 2022 (in
billion US dollars)
Largest companies in the United Kingdom based on revenue 2022
Revenue in billion US dollars

0 50 100 150 200 250 300
Shell 261.76
BP 158.01
Tesco 84.17
Rio Tinto 63.46
Legal & General Group 62.51
Unilever 62
HSBC Holdings 59.33
Lloyds Banking Group 58.48
Vodafone 53.63
GlaxoSmithKline 46.92
LyondellBasel Industries 46.15
Aviva 45.13
Anglo American 41.52
J Sainsbury 40.82
AstraZeneca 38.68
51 Description: Shell had by far the highest annual revenue of all companies based in the United Kingdom in 2022, at approximately 261.76 billion U.S. dollars. BP had the second highest annual revenue at 158.01 billion U.S. dollars, followed by Tesco which had a revenue
of 84.17 billion U.S. dollars. Read more
Note(s): Europe; 2022
Source(s): Forbes
Largest companies based in the United Kingdom on number of employees
worldwide in 2020 (in 1,000s)
Largest UK companies based on number of global employees 2020
Number of employees worldwide (in 1,000s)

0 100 200 300 400 500 600 700
Compass Group 595.45
Tesco 293.96
HSBC Holdings 235.35
Unilever 149.69
J. Sainsbury 111.9
BT Group 105.3
GlaxoSmithKline 99.44
Vodafone Group 95.22
Barclays 80.8
Linde 79.89
BP 72.5
International Airlines Group 66.03
Lloyds Banking Group 63
Anglo American 63
British American Tobacco 59.99
52 Description: Compass Group had by far the highest amount of global employees of all companies based in the United Kingdom in 2020, at approximately 596 thousand employees. Tesco had the second highest number of employees at 293.96 thousand, followed by
HSBC Holdings which had 235.35 thousand employees. Read more
Note(s): Europe; 2020
Source(s): Fortune
Number of private sector businesses in the United Kingdom from 2000 to
2022 (in millions)
Number of private sector businesses in the UK 2000-2022
5.87 5.98
6 5.69 5.67 5.59
5.4 5.5 5.51
5.25
Number of businesses in millions
4.82 4.91
5 4.59
4.38 4.48
4.27 4.28
4.13
3.93 3.93
4 3.68
3.47 3.5 3.57
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
53 Description: In 2022 there were approximately 5.51 million private businesses operating in the United Kingdom, a decrease of around 80,000 when compared with the previous year. There has been a net increase of over 1.83 million business enterprises since 2000,
when there were 3.47 million. During the provided time period, the largest annual rise in the number of businesses occurred between 2013 and 2014, which saw a net increase of approximately 340 thousand private enterprises. Read more
Source(s): UK Department for Business, Energy and Industrial Strategy
Number of private sector businesses in the United Kingdom in 2022, by
sector
Number of private sector businesses in the UK 2022, by sector
Number of businesses
0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,0001,000,000
Construction 914,475
Professional, Scientific and Technical Activities 762,480
Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles 548,325
Administrative and Support Service Activities 472,835
Information and Communication 334,700
Other Service Activities 354,815
Human Health and Social Work Activities 341,035
Transportation and Storage 338,725
Education 307,965
Arts, Entertainment and Recreation 274,640
Manufacturing 244,140
Accommodation and Food Service Activities 220,950
Agriculture, Forestry and Fishing 148,340
Real Estate Activities 129,860
Financial and Insurance Activities 83,540
54 Description: There were around 5.51 million private sector businesses operating in the United Kingdom in 2021, with around 914,475 of these being construction businesses and a further 762,480 being professional, scientific and technical businesses. Read more
Note(s): United Kingdom; 2022; *Including repair of Motor Vehicles and Motorcycles ****Un-abbreviated title: 'Mining and Quarrying; Electricity, Gas, Steam and Air Conditioning Supply; Water Supply; Sewerage, Waste Management and [...] Read more
employment size
Number of businesses by enterprise size in the UK 2022
0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000
With no employees (unregistered) 2,833,340
With no employees (registered) 1,227,695
1 135,820
2-4 780,385
5-9 270,840
10-19 141,655
20-49 75,585
50-99 23,830
100-199 10,085
200-249 2,025
250-499 3,880
500 or more 3,795
55 Description: In 2022, the vast majority of private business enterprises in the United Kingdom were those with zero employees, with just 3795 businesses that employed more than 500 people. Due to their large scale however, the largest businesses are responsible for
employing the most people, and employed approximately 9.3 million people in 2021. Read more
Note(s): United Kingdom; 2022; *Businesses with no employees can either be 'registered' for VAT or PAYE or are 'unregistered' Read more
region
Number of private sector businesses in the UK 2022, by region
0 200,000 400,000 600,000 800,000 1,000,000 1,200,000
London 1,037,995
South East 843,980
North West 513,065
South West 537,430
Yorkshire and the Humber 385,590
Scotland 340,825
Wales 218,670
North East 155,095
56 Description: London had the most business enterprises of any region of the United Kingdom, with over one million registered in 2022, while the region surrounding London, the South East, had the second-highest amount at over almost 844,000. Northern Ireland and
North East England had the fewest businesses at 155,000 and 128,000 respectively. Read more
Number of local units in VAT and/or PAYE based enterprises in the United
Kingdom from 2012 to 2022 (in millions)
Number of local business units in the UK 2012-2022
3.5
3.18 3.21 3.22 3.22
3.13 3.13
3.01
3.0 2.91
2.72
2.61 2.63
Number of local units (in millions)
2.5
2.0
1.5
1.0
0.5
0.0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
57 Description: In 2022 there were estimated to be around 3.22 million business sites, or local units for VAT/PAYE based enterprises in the United Kingdom. Compared with 2012, this is an increase of around 600,00 business sites. Read more
Business investment index in the United Kingdom from 1st quarter 1997
to 4th quarter 2022 (Q1 1997=100)
Business investment index in the UK 1997-2022
170
160
Business investment index (1997=100)
150
140
130
120
110
100
90
1997 Q1
1997 Q3
1998 Q1
1998 Q3
1999 Q1
1999 Q3
2000 Q1
2000 Q3
2001 Q1
2001 Q3
2002 Q1
2002 Q3
2003 Q1
2003 Q3
2004 Q1
2004 Q3
2005 Q1
2005 Q3
2006 Q1
2006 Q3
2007 Q1
2007 Q3
2008 Q1
2008 Q3
2009 Q1
2009 Q3
2010 Q1
2010 Q3
2011 Q1
2011 Q3
2012 Q1
2012 Q3
2013 Q1
2013 Q3
2014 Q1
2014 Q3
2015 Q1
2015 Q3
2016 Q1
2016 Q3
2017 Q1
2017 Q3
2018 Q1
2018 Q3
2019 Q1
2019 Q3
2020 Q1
2020 Q3
2021 Q1
2021 Q3
2022 Q1
2022 Q3
58 Description: In the fourth quarter of 2022, the business investment index in the United Kingdom rose to 165, compared with 146 in the corresponding quarter of 2021, indicating that business investment has increased in the last 12 months. Read more
Business confidence Index of the United Kingdom from March 1974 to
February 2023 (100 = long-term average)
Business confidence Index in the UK 1974-2023
108
106
Index score (100 = long-term average)
104
102
100
98
96
94
92
90
Oct 81
Oct 92
Oct 03
Oct 14
Feb 78
Feb 89
Feb 00
Feb 11
Feb 22
Dec 79
Sep 82
Dec 90
Sep 93
Dec 01
Sep 04
Dec 12
Sep 15
Nov 80
Nov 91
Nov 02
Nov 13
May 86
May 97
May 08
May 19
Mar 77
Mar 88
Mar 99
Mar 10
Mar 21
Jul 84
Jul 95
Jul 06
Jul 17
Jan 79
Jun 85
Jan 90
Jun 96
Jun 07
Apr 87
Apr 98
Jan 01
Apr 09
Jan 12
Jun 18
Jan 23
Apr 20
Aug 83
Aug 94
Aug 05
Aug 16
59 Description: The Business Confidence Index (BCI) of the United Kingdom was 100.1 in February 2023, compared with 100.3 in the previous month, an indicator that business confidence is falling in the UK. Read more
Note(s): United Kingdom; March 1974 to February 2023
Source(s): OECD
Sources
Forbes
Fortune
HM Treasury
OECD
Office for Budget Responsibility
Office for National Statistics (UK)
UK Department for Business, Energy and Industrial Strategy
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COUNTRIES & REGIONS

01 Gross domestic product Youth unemployment rate in the UK 1992-2023 23

GDP growth forecast for the UK 2000-2027 15 PPI in the UK 2010-2023 34

02 Labor Market Consumer Price Index in the UK 1988-2023 36

Central government current expenditure UK 1997-2021 42

Gross domestic product

Gross domestic product (in million GBP)

South East 318,142

North West 208,183

East of England 182,910

South West 158,524

West Midlands 156,685

Yorkshire and The Humber 142,008

East Midlands 126,289

North East 61,951

Northern Ireland 48,478

GDP growth rate

United Kingdom -9.7%

GDP per capita in GDP

United Kingdom 32,141

16-24 25-34 35-49 50-64 65+

Overall (16-24) 16-17 18-24

CPI (overall index) 10.1%

Personal social services 40 Housing and environment 33

Council tax 40 Business rates 24

Income Tax 198

Revenue in billion US dollars

Rio Tinto 63.46

Legal & General Group 62.51

HSBC Holdings 59.33

Lloyds Banking Group 58.48

LyondellBasel Industries 46.15

Anglo American 41.52

Number of employees worldwide (in 1,000s)

Compass Group 595.45

HSBC Holdings 235.35

Vodafone Group 95.22

International Airlines Group 66.03

Lloyds Banking Group 63

British American Tobacco 59.99

Professional, Scientific and Technical Activities 762,480

Administrative and Support Service Activities 472,835

Information and Communication 334,700

Other Service Activities 354,815

Human Health and Social Work Activities 341,035

Transportation and Storage 338,725

Arts, Entertainment and Recreation 274,640

Accommodation and Food Service Activities 220,950

Agriculture, Forestry and Fishing 148,340

Real Estate Activities 129,860

Financial and Insurance Activities 83,540

With no employees (unregistered) 2,833,340

With no employees (registered) 1,227,695

500 or more 3,795

South East 843,980

East of England 542,895

North West 513,065

South West 537,430

West Midlands 437,235

Yorkshire and the Humber 385,590

East Midlands 367,995

North East 155,095