In September 2024, the UK government borrowed approximately 16.6 billion British pounds, compared with almost 14.5 billion pounds in September 2023.

The government of the United Kingdom borrowed approximately 121.9 billion British pounds in the 2023/24 financial year. In 2020/21, government borrowing was over 353 billion pounds, due to increased financial support to public services during the COVID-19 pandemic, combined with reduced revenue due to the lockdowns.

Government debt in the United Kingdom reached over 2.9 trillion British pounds in 2023/24, compared with 1.9 trillion pounds in 2019/20. Although the amount of public sector debt has been rising for some time, there was a noticeable uptick between 2019/20 and 2020/21, when government spending increased substantially due to the economic impact of the COVID-19 pandemic.

Summary, reconciliation and revisions information on UK government deficit and debt figures by calendar and financial year.

Key information about United Kingdom Government Debt: % of GDP

• United Kingdom Government debt accounted for 101.1 % of the country's Nominal GDP in Sep 2024, compared with the ratio of 100.9 % in the previous quarter.
• UK government debt to GDP ratio data is updated quarterly, available from Mar 1966 to Sep 2024.
• The data reached an all-time high of 107.5 % in Mar 2021 and a record low of 28.3 % in Dec 1990.

• In the latest reports, UK National Government Debt reached 3,810.9 USD bn in Sep 2024.
• The country's Nominal GDP reached 786.4 USD bn in Mar 2023.

In September 2024, the government debt of the United Kingdom stood at approximately 2.77 trillion British pounds, compared with 2.59 trillion pounds a year earlier.

Public sector net debt amounted to 88.9 percent of gross domestic product in the United Kingdom during the 2023/24 financial year, rising to 97.8 percent when the Bank of England is included. This is the highest debt incurred by the government since the early 1960s. After peaking at 251.7 percent shortly after the end of the Second World War, government debt in the UK gradually fell, before a sharp increase in the late 2000s at the time of the global financial crisis. Debt not expected to start falling until 2029/30 In 2022/23, the UK's government expenditure was approximately 1.15 trillion pounds, around 45.3 percent of GDP. This spending was financed by 1.02 trillion pounds of revenue raised, and 1.28 billion pounds of borrowing. Although the UK government can still borrow money in the future, it also needs to abide by certain fiscal rules, one of which is that debt should be falling within a five-year timeframe. Recent forecasts suggest that while this is expected to be the case, it is based on falling government deficits in the next five years. Next government faces hard choices Whoever wins the UK's 2024 general election will face tough economic choices in the coming years. Hitting fiscal targets, such as reducing the national debt, will require a careful balancing of the books, and possibly the need for either spending cuts or tax rises. The two major parties, Labour and the Conservatives, have both ruled out raising the main government tax sources, Income Tax, National Insurance, and VAT, and have so far remained silent on possible spending cuts. With limits on borrowing, and no tax rises or spending cuts, maintaining, let alone improving public services, will prove a challenging prospect for the next government.

Public Sector Net Borrowing in the United Kingdom decreased to -10710 GBP Million in February from 13321 GBP Million in January of 2025. This dataset includes a chart with historical data for the United Kingdom Public Sector Net Borrowing.

Interest Payments on Government Debt in the United Kingdom increased to 7439 GBP Million in February from 6910 GBP Million in January of 2025. This dataset includes a chart with historical data for the United Kingdom Interest Payments On Government Debt.

Public Sector Net Debt to GDP in the United Kingdom increased to 95.50 percent of GDP in February from 95.40 percent of GDP in January of 2025. This dataset includes a chart with historical data for the United Kingdom Public Sector Net Debt To GDP.

United Kingdom UK: Gross Public Debt: % of GDP: General Government: Short Term: Currency and Deposits data was reported at 8.922 % in Jun 2018. This records an increase from the previous number of 8.823 % for Mar 2018. United Kingdom UK: Gross Public Debt: % of GDP: General Government: Short Term: Currency and Deposits data is updated quarterly, averaging 7.612 % from Mar 1995 (Median) to Jun 2018, with 94 observations. The data reached an all-time high of 9.212 % in Dec 2017 and a record low of 6.004 % in Jun 2005. United Kingdom UK: Gross Public Debt: % of GDP: General Government: Short Term: Currency and Deposits data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.QPSD: Gross Public Debt: % of GDP: General Government.

The government of the United Kingdom borrowed approximately 1.9 percent worth of its GDP in the 2023/24 financial year, compared with three percent in 2022/23. In 2020/21, government borrowing reached 11.6 percent of GDP, due to increased financial support to public services during the COVID-19 pandemic, combined with reduced revenue because of societal lockdowns.

United Kingdom UK: Gross Public Debt: % of GDP: General Government: Debt Securities and Loans data was reported at 77.008 % in Mar 2018. This records a decrease from the previous number of 78.296 % for Dec 2017. United Kingdom UK: Gross Public Debt: % of GDP: General Government: Debt Securities and Loans data is updated quarterly, averaging 35.982 % from Mar 1995 (Median) to Mar 2018, with 93 observations. The data reached an all-time high of 79.758 % in Jun 2016 and a record low of 27.205 % in Mar 2002. United Kingdom UK: Gross Public Debt: % of GDP: General Government: Debt Securities and Loans data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s UK – Table UK.World Bank: QPSD: Gross Public Debt: % of GDP: General Government.

United Kingdom UK: Gross Public Debt: % of GDP: Central Government: Long Term: Up to 1 Year: Insurance, Pensions and Standardized Guarantee Schemes data was reported at 0.000 % in Jun 2018. This stayed constant from the previous number of 0.000 % for Mar 2018. United Kingdom UK: Gross Public Debt: % of GDP: Central Government: Long Term: Up to 1 Year: Insurance, Pensions and Standardized Guarantee Schemes data is updated quarterly, averaging 0.000 % from Mar 1995 (Median) to Jun 2018, with 94 observations. United Kingdom UK: Gross Public Debt: % of GDP: Central Government: Long Term: Up to 1 Year: Insurance, Pensions and Standardized Guarantee Schemes data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.QPSD: Gross Public Debt: % of GDP: Central Government.

This dataset provides values for GOVERNMENT DEBT TO GDP reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

United Kingdom UK: Net Lending (+) / Net Borrowing (-): % of GDP data was reported at -2.567 % in 2016. This records an increase from the previous number of -4.184 % for 2015. United Kingdom UK: Net Lending (+) / Net Borrowing (-): % of GDP data is updated yearly, averaging -2.664 % from Dec 1972 (Median) to 2016, with 45 observations. The data reached an all-time high of 1.760 % in 2000 and a record low of -9.557 % in 2009. United Kingdom UK: Net Lending (+) / Net Borrowing (-): % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s UK – Table UK.World Bank: Government Revenue, Expenditure and Finance. Net lending (+) / net borrowing (–) equals government revenue minus expense, minus net investment in nonfinancial assets. It is also equal to the net result of transactions in financial assets and liabilities. Net lending/net borrowing is a summary measure indicating the extent to which government is either putting financial resources at the disposal of other sectors in the economy or abroad, or utilizing the financial resources generated by other sectors in the economy or from abroad.; ; International Monetary Fund, Government Finance Statistics Yearbook and data files.; Weighted Average;

United Kingdom UK: Gross Public Debt: % of GDP: Central Government: Debt Securities and Loans data was reported at 76.564 % in Jun 2018. This records an increase from the previous number of 75.671 % for Mar 2018. United Kingdom UK: Gross Public Debt: % of GDP: Central Government: Debt Securities and Loans data is updated quarterly, averaging 34.681 % from Mar 1995 (Median) to Jun 2018, with 94 observations. The data reached an all-time high of 78.703 % in Jun 2016 and a record low of 26.880 % in Mar 2002. United Kingdom UK: Gross Public Debt: % of GDP: Central Government: Debt Securities and Loans data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.QPSD: Gross Public Debt: % of GDP: Central Government.

United Kingdom UK: Gross Public Debt: USD: Central Government: Short Term: Insurance, Pensions and Standardized Guarantee Schemes data was reported at 0.000 USD mn in Jun 2018. This stayed constant from the previous number of 0.000 USD mn for Mar 2018. United Kingdom UK: Gross Public Debt: USD: Central Government: Short Term: Insurance, Pensions and Standardized Guarantee Schemes data is updated quarterly, averaging 0.000 USD mn from Mar 1995 (Median) to Jun 2018, with 94 observations. United Kingdom UK: Gross Public Debt: USD: Central Government: Short Term: Insurance, Pensions and Standardized Guarantee Schemes data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.QPSD: Gross Public Debt: Central Government.