UK budget deficit on decline, says Bank of England’s Bailey

Bank of England Governor Andrew Bailey has affirmed that the United Kingdom’s budget deficit is on a declining trajectory. This statement aligns with recent data showing the UK’s general-government deficit falling from 6.0% of GDP in 2023–24 to 5.3% in 2025, with further declines projected. Bailey’s comments underscore the government’s fiscal-consolidation efforts and the broader economic outlook. Markets are weighing this development for its implications on the Bank of England’s upcoming monetary policy decisions, particularly concerning interest rates.

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