UK economy faces 5% budget deficit by 2024 – FT

27th May 2020 / NewsBits
  • The Covid crisis is severely damaging the UK economy. The lockdown is slowly coming to an end but many businesses are going to go out of business.
  • Britain is likely to run a budget deficit of 5% of national income in 2024, when Britain’s next election is due, as the hit to the economy from the coronavirus continues to weigh on the public finances, the Financial Times said.
  • The FT said it based its deficit calculation on economic growth forecasts by economists.
  • This buries any chance of the Bank of England’s very optimistic prediction that a ‘V’ shaped bounce would occur during 2021.


At a time when reporting the truth is critical, your support is essential in protecting it.
Find out how

The European Financial Review

European financial review Logo

The European Financial Review is the leading financial intelligence magazine read widely by financial experts and the wider business community.