My background in economics is non-existant, I'm just doing some research before the UK general elections and am having some difficulty in understanding certain data.
Assuming the figures found in this and this link are accurate, the UK government spent £714 Billion in the 2014 fiscal year. They generated £619.8 billion in public revenue in the same year. I'd assume the difference between these figures, £94.2 billion, is what they needed to borrow to make up the difference. But the website lists the UK national debt to be of magnitude £1258 billion in 2014 and £1185 the year before, meaning that only a total of £73 billion was borrowed in reality.
Moreover, the HM treasury PESA (page 19) gives public sector current expenditure in 2014 to be ~£666 billion, which is over £45 billion more than what they generated from public revenue. Even if the statistic of £619.2 billion is incorrect, and the government actually generated exactly the £666 billion spent, the difference £714-£666 billion=£48 billion is less than the amount by which the national debt rose in the 2014 fiscal year. I can't get the figures to match up!
Finally, from what I've learned today, government borrowing works by having banks etc. purchase bonds which the government pay interest on, and then in a certain number of agreed years pay the purchaser back what they paid. The statistics for government spending in the second link above show £47.4 billion being spent on interest. However, I can't find any account of the original loans being paid back. That is, surely some of the bonds the government sold should mature each year, requiring them to pay the owner of the bond the original amount they sold it for?
Apologies for my economic naivety.