In the first half of 2024, the total value of debt from loans to households in the United Kingdom amounted to approximately two trillion British pounds. It was in 2004, when household debt surpassed the one trillion British pounds mark. Debts can be formed in a number of ways. The most common forms of debt for households include credit cards, medical debt, student loans, overdrafts, mortgages, automobile financing and personal loans.

Households that have liquidity problems and solvency problems only

Key information about United Kingdom Household Debt: % of GDP

• United Kingdom household debt accounted for 81.6 % of the country's Nominal GDP in Sep 2024, compared with the ratio of 81.8 % in the previous quarter.
• UK household debt to GDP ratio is updated quarterly, available from Mar 1987 to Sep 2024.
• The data reached an all-time high of 108.5 % in Mar 2010 and a record low of 55.6 % in Mar 1987.

CEIC calculates quarterly Household Debt as % of Nominal GDP from quarterly Household Debt and quarterly Nominal GDP. Office for National Statistics provides Household Debt in local currency and Nominal GDP in local currency. Household Debt includes NPISH.


Related information about United Kingdom Household Debt: % of GDP

• In the latest reports, UK Household Debt reached 3,076.4 USD bn in Sep 2024.
• Money Supply M2 in UK increased 2.2 % YoY in Dec 2024.
• UK Foreign Exchange Reserves was measured at 112.5 USD bn in Jan 2025.
• The Foreign Exchange Reserves equaled 1.4 Months of Import in Oct 2024.
• UK Domestic Credit reached 4,866.2 USD bn in Dec 2024, representing an drop of 1.3 % YoY.
• The country's Non Performing Loans Ratio stood at 1.0 % in Dec 2022, compared with the ratio of 1.0 % in the previous year.

Key information about United Kingdom Household Debt

• United Kingdom Household Debt reached 3,076.4 USD bn in Sep 2024, compared with the reported number of 2,873.8 USD bn in the previous quarter
• UK Household Debt: USD mn data is updated quarterly, available from Mar 1987 to Sep 2024
• The data reached an all-time high of 3,298.5 USD bn in Jun 2008 and a record low of 406.9 USD bn in Mar 1987

CEIC converts quarterly Household Debt into USD. Office for National Statistics provides Household Debt in local currency. The Federal Reserve Board period end market exchange rate is used for currency conversions. Household Debt includes NPISH.


Further information about United Kingdom Household Debt

• In the latest reports, United Kingdom Household Debt accounted for 81.5 % of the country's Nominal GDP in Sep 2024
• Money Supply M2 in United Kingdom increased 3,931.4 USD bn YoY in Oct 2024
• United Kingdom Foreign Exchange Reserves was measured at 115.5 USD bn in Nov 2024
• The Foreign Exchange Reserves equaled 1.4 Months of Import in Oct 2024
• United Kingdom Domestic Credit reached 5,119.2 USD bn in Aug 2024, representing an drop of 0.9 % YoY

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

Households Debt in the United Kingdom decreased to 76.30 percent of GDP in the fourth quarter of 2024 from 77.20 percent of GDP in the third quarter of 2024. This dataset provides - United Kingdom Households Debt To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.

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.

CEIC calculates quarterly Government Debt as % of Nominal GDP from quarterly Government Debt and rolling sum of quarterly Nominal GDP. The Office of National Statistics provides Government Debt in local currency. The Office for National Statistics provides Nominal GDP in local currency.


Related information about United Kingdom Government Debt: % of GDP

• 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.

Public sector net debt amounted to 95.8 percent of gross domestic product in the United Kingdom during the 2024/25 financial year, or 90 percent when the Bank of England is excluded. UK government debt is at its highest levels since the early 1960s, due to a significant increase in borrowing during the COVID-19 pandemic. 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 2024/25, the UK's government expenditure was approximately 1.28 trillion pounds, around 44.7 percent of GDP. This spending was financed by 1.13 trillion pounds of revenue raised, and 151 billion pounds of borrowing. Although the UK government can still borrow money in the future to finance its spending, the amount spent on debt interest has increased significantly recently. Recent forecasts suggest that while the debt is eventually expected to start declining, this is based on falling government deficits in the next five years. Government facing hard choices Hitting fiscal targets, such as reducing the national debt, will require a careful balancing of the books from the current government, and the possibility for either spending cuts or tax rises. Although Labour ruled out raising the main government tax sources, Income Tax, National Insurance, and VAT, at the 2024 election, they did raise National Insurance for employers (rather than employees) and also cut Winter Fuel allowances for large numbers of pensioners. Less than a year after implementing cuts to Winter Fuel, the government performed a U-Turn on the issue, and will make it widely available by the winter of 2025.

The United Kingdom recorded a Government Debt to GDP of 95.90 percent of the country's Gross Domestic Product in 2024. This dataset provides - United Kingdom Government Debt To GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The UK's average credit card debt per household grew by *** British pounds between December 2021 and December 2022, the first increase since 2020. Standing at ***** British pounds at December 2022, the figure contrasts with the decline in 2020 – when the debt declined from ***** British pounds to ***** British pounds. That particular drop was likely a result of Covid-19's economic impact, and consumers trying to get rid of their credit card debt. The increase in 2022 may be caused by growing interest rates and the cost of living crisis beginning to take shape.

United Kingdom UK: Central Government Debt: Total: % of GDP data was reported at 116.856 % in 2016. This records an increase from the previous number of 106.728 % for 2015. United Kingdom UK: Central Government Debt: Total: % of GDP data is updated yearly, averaging 44.132 % from Dec 1990 (Median) to 2016, with 27 observations. The data reached an all-time high of 116.856 % in 2016 and a record low of 29.195 % in 1991. United Kingdom UK: Central Government Debt: Total: % of GDP 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.WDI: Government Revenue, Expenditure and Finance. Debt is the entire stock of direct government fixed-term contractual obligations to others outstanding on a particular date. It includes domestic and foreign liabilities such as currency and money deposits, securities other than shares, and loans. It is the gross amount of government liabilities reduced by the amount of equity and financial derivatives held by the government. Because debt is a stock rather than a flow, it is measured as of a given date, usually the last day of the fiscal year.; ; International Monetary Fund, Government Finance Statistics Yearbook and data files, and World Bank and OECD GDP estimates.; Weighted average;

Key information about United Kingdom Total Debt: % of GDP

• United Kingdom Total Debt accounted for 872.5 % of the country's GDP in 2024, compared with the ratio of 878.1 % in the previous quarter.
• UK Total Debt: % of GDP data is updated quarterly, available from Mar 1987 to Sep 2024.
• The data reached an all-time high of 1,236.1 % in Sep 2011 and a record low of 517.3 % in Dec 1988.

CEIC calculates quarterly Total Debt as % of Nominal GDP from quarterly Total Debt and quarterly Nominal GDP. Total Debt is calculated as Total Liabilities less Equity & Investment Fund Shares and Financial Derivatives. Office for National Statistics provides Total Debt in local currency and Nominal GDP in local currency.

Key information about UK External Debt

• United Kingdom External Debt reached 10,527.8 USD bn in Sep 2024, compared with 9,863.6 USD bn in the previous quarter.
• UK External Debt: USD mn data is updated quarterly, available from Mar 1987 to Sep 2024.
• The data reached an all-time high of 11,995.8 USD bn in Mar 2008 and a record low of 908.7 USD bn in Mar 1987.

CEIC converts quarterly External Debt into USD. Office for National Statistics provides External Debt in local currency. The Federal Reserve Board period end market exchange rate is used for currency conversions.


Related information about UK External Debt

• In the latest reports of UK, Current Account recorded a deficit of 13.1 USD bn in Mar 2023.
• Foreign Direct Investment (FDI) fell by 8.6 USD bn in Sep 2024.
• UK Direct Investment Abroad fell by 7.0 USD bn in Sep 2024.
• Its Foreign Portfolio Investment increased by 2.8 USD bn in Sep 2024.
• The country's Nominal GDP was reported at 786.4 USD bn in Mar 2023.

Key information about United Kingdom External Debt: Short Term

• United Kingdom External Debt: Short Term value stood at 7,515.3 USD bn in Sep 2024, compared with 7,090.4 USD bn in the previous quarter.
• UK External Debt: Short Term data is updated quarterly, available from Dec 1979 to Sep 2024.
• The data reached an all-time high of 9,201.8 USD bn in Mar 2008 and a record low of 366.9 USD bn in Dec 1979.

CEIC calculates Short Term External Debt as the sum of Short Term External Debt breakdowns for General Government, Monetary Authorities, MFIs and Other Sectors and converts it into USD. Office for National Statistics provides Short Term External Debt in local currency. The Federal Reserve Board period end market exchange rate is used for currency conversions. Short Term External Debt prior to Q2 1999 excludes Monetary Authorities.


Related information about United Kingdom External Debt: Short Term

• In the latest reports of UK, Current Account recorded a deficit of 13.1 USD bn in Mar 2023.
• Foreign Direct Investment (FDI) fell by 8.6 USD bn in Sep 2024.
• UK Direct Investment Abroad fell by 7.0 USD bn in Sep 2024.
• Its Foreign Portfolio Investment increased by 2.8 USD bn in Sep 2024.
• The country's Nominal GDP was reported at 786.4 USD bn in Mar 2023.

International comparison of UK general government gross debt and general government deficit as percentage of GDP.

Key information about United Kingdom Private Debt: % of Nominal GDP

• United Kingdom Private Debt accounted for 113.96 % of its Nominal GDP in Dec 2024, compared with a ratio of 116.11 % in the previous quarter
• UK Private Debt contribution to Nominal GDP ratio is updated quarterly, available from Jun 1998 to Dec 2024, with an average share of 135.26 %
• The data reached an all-time high of 203.16 % in Mar 2010 and a record low of 101.90 % in Dec 1998

CEIC calculates quarterly Private Debt as % of Nominal GDP from monthly Private Debt and quarterly Nominal GDP. Private Debt is calculated as the sum of Private Loans and Private Securities in GBP and Foreign Currency. The Bank of England provides Private Debt in local currency. Office for National Statistics provides Nominal GDP in local currency. Private Debt includes Financial Sector.

Government debt in the United Kingdom reached over 2.8 trillion British pounds in 2024/25, compared with 2.69 trillion pounds in the previous financial year. Although debt has been increasing throughout this period, there is a noticeable jump between 2019/20, and 2020/21, when debt increased from 1.82 trillion pounds, to 2.15 trillion. The UK's government debt was the equivalent of 95.8 percent of GDP in 2024/25, and is expected to increase slightly in coming years, and not start falling until the end of this decade. Public finances in a tight spot With government debt approaching 100 percent of GDP, the UK finds itself in a tricky fiscal situation. If the UK can't reduce it's spending, or increase its revenue, the government will have to continue borrowing large amounts, increasing the debt further. Adding to the problem, is the fact that financing this debt has got steadily more expensive recently, with the government currently spending more on debt interest than it does on defence, transport, and public order and safety. Can the UK grow out its debt? After the Second World War, when the national debt reached over 250 percent of GDP, the UK managed to reduce its debt-to-GDP ratio, due to the economy growing faster than its debt over a long period of time. This is certainly the hope of the current Labour government, who are seeking to avoid significant tax and spending adjustments by strengthening the economy. Overdue investments in infrastructure and increased capital spending may eventually achieve this goal, but the government's declining popularity suggests they may not be in power by the time these policies might eventually bear fruit.