Rachel Reeves was incorrect to say that the government had not got the deficit down during their 12 years in power. While debt has increased as a percentage of GDP over the last 12 years, the deficit is lower now than it was when Labour left office.
During their 12 years in government, the Conservatives haven’t got the debt and deficit down.Debt has increased as a percentage of GDP over the last 12 years. But the deficit is lower now than it was when Labour left office.today, shadow chancellor Rachel Reeves claimed that the Conservative government has failed to reduce the debt and deficit during its 12 years in power.
However, the change in the deficit— which refers to how much more, each year, the government spends than it brings in through things like taxes— is more complex., in 2009/10, before the Conservative-Liberal Democrat coalition government came to power, the deficit stood at 10.1% of GDP. Over the course of the following decade this figure fell, reaching a low of 2.0% by 2018/19 before increasing to 14.4% in 2020/21 during the Covid-19 pandemic.
The latest full year of data from 2021/22 put the deficit at 6.1% — four percentage points lower than when the Conservatives entered government in 2010. The OBR forecasted a deficit of around 3.9% for the 2022/23 financial year, in its latest data, though this was before the
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