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 93.5 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.

Public sector net debt amounted to 93.5 percent of gross domestic product in the United Kingdom during the 2024/25 financial year. Following the COVID-19 pandemic, UK government debt has reached levels not seen since the early 1960s, due to a significant increase in borrowing in 2020/21. 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 percent of GDP. This spending was financed by 1.14 trillion pounds of revenue raised, and almost 150 billion pounds of borrowing. Although the UK government can continue to borrow money to finance its spending, the amount spent on debt interest has increased significantly in recent years. Current 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 also held back on more significant cuts to welfare.

The United Kingdom recorded a Government Debt to GDP of 93.60 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.

Key information about UK External Debt

• United Kingdom External Debt reached 10,917.6 USD bn in Jun 2025, compared with 10,205.3 USD bn in the previous quarter.
• UK External Debt: USD mn data is updated quarterly, available from Mar 1987 to Jun 2025.
• The data reached an all-time high of 11,999.7 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 38.7 USD bn in Jun 2025.
• Foreign Direct Investment (FDI) fell by 7.4 USD bn in Jun 2025.
• UK Direct Investment Abroad expanded by 84.2 USD mn in Jun 2025.
• Its Foreign Portfolio Investment increased by 26.1 USD bn in Jun 2025.
• The country's Nominal GDP was reported at 1,029.9 USD bn in Sep 2025.

This statistic shows the national debt of the United Kingdom from 2020 to 2024, with projections up until 2030. In 2024, the national debt in the United Kingdom was about 3.91 trillion U.S. dollars. Reduction of the national debt and recovery of the economy in the UK The debt of the United Kingdom, which amounted to around 1,600 billion pounds in 2014 - more than it has ever been - is projected to keep rising. Since the economic recession of 2007-08, economic growth in the United Kingdom has been slow, but it has been able to recover. In 2014, the United Kingdom recorded a 2.8 percent growth rate. Many believe that if the economy is stable, the government will reduce spending and not accrue any more debt, and it can indeed be seen that while government spending continues to increase, the gap between spending and revenue is projected to get smaller. If the government were to earn more than it spends, it could use the money left over to pay the national debt and start to reduce it. However, what is even more important is the size of the debt in relation to the size of the country's economy; if the debt grows slower than the economy, the debt to GDP ratio can still fall, despite a budget deficit. The ratio of government expenditure to GDP indicates that the economy is recovering at a faster rate than government expenditure, with the ratio decreasing significantly over the last decade and the national debt in relation to GDP being expected to decrease further as well - albeit slowly. This should help relieve concerns over the United Kingdom’s mounting debt, but for some debt reduction is just not fast enough.

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

Graph and download economic data for General government gross debt for United Kingdom (GGGDTAGBA188N) from 1980 to 2024 about United Kingdom, debt, gross, and government.

Key information about United Kingdom National Government Debt

• United Kingdom National Government Debt reached 4,113.2 USD bn in Jun 2025, compared with 3,772.4 USD bn in the previous quarter.
• UK National Government Debt data is updated quarterly, available from Mar 1966 to Jun 2025.
• The data reached an all-time high of 4,113.2 USD bn in Jun 2025 and a record low of 46.7 USD bn in Mar 1966.

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


Related information about United Kingdom National Government Debt

• In the latest reports, UK Consolidated Fiscal Balance recorded a deficit equal to 5.9 % of its Nominal GDP in Jun 2025.
• The country's Government debt accounted for 101.0 % of its Nominal GDP in Jun 2025.
• UK Nominal GDP reached 1,029.9 USD bn in Sep 2025.

Key information about United Kingdom External Debt: % of GDP

• United Kingdom External Debt accounted for 269.7 % of the country's Nominal GDP in 2024, compared with the ratio of 270.9 % in the previous year.
• UK External Debt: % of Nominal GDP data is updated yearly, available from Dec 1987 to Dec 2024.
• The data reached an all-time high of 393.3 % in Dec 2008 and a record low of 115.7 % in Dec 1987.

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


Related information about United Kingdom External Debt: % of GDP

• In the latest reports of UK, Current Account recorded a deficit of 38.7 USD bn in Jun 2025.
• Foreign Direct Investment (FDI) fell by 7.4 USD bn in Jun 2025.
• UK Direct Investment Abroad expanded by 84.2 USD mn in Jun 2025.
• Its Foreign Portfolio Investment increased by 26.1 USD bn in Jun 2025.
• The country's External Debt reached 10,917,612.9 in Jun 2025.
• The country's Nominal GDP was reported at 1,029.9 USD bn in Sep 2025.

The ratio of national debt to gross domestic product (GDP) of the United Kingdom was 101.23 percent in 2024. From 1980 to 2024, the ratio rose by 58.71 percentage points, though the increase followed an uneven trajectory rather than a consistent upward trend. Between 2024 and 2030, the ratio will rise by 4.19 percentage points, showing an overall upward trend with periodic ups and downs.The general government gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future. Here it is depicted in relation to the country's GDP, which refers to the total value of goods and services produced during a year.

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.

Key information about United Kingdom Total Debt: % of GDP

• United Kingdom Total Debt accounted for 827.7 % of the country's GDP in 2025, compared with the ratio of 836.3 % in the previous quarter.
• UK Total Debt: % of GDP data is updated quarterly, available from Mar 1987 to Jun 2025.
• The data reached an all-time high of 1,231.3 % in Sep 2011 and a record low of 515.9 % 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.

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;

Graph and download economic data for Public Sector Debt Outstanding in the United Kingdom (PSDOTUKA) from 1700 to 2016 about public, academic data, United Kingdom, sector, and debt.

Public sector debt interest spending in the United Kingdom reached 124.7 billion British pounds in 2024/25, compared with just under 126.6 billion pounds in the previous year.

Actual value and historical data chart for United Kingdom Central Government Debt Total Percent Of GDP

Households Debt in the United Kingdom decreased to 75.90 percent of GDP in the first quarter of 2025 from 76.30 percent of GDP in the fourth 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 External Debt: Short Term

• United Kingdom External Debt: Short Term value stood at 7,783.6 USD bn in Jun 2025, compared with 7,271.0 USD bn in the previous quarter.
• UK External Debt: Short Term data is updated quarterly, available from Dec 1979 to Jun 2025.

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 38.7 USD bn in Jun 2025.
• Foreign Direct Investment (FDI) fell by 7.4 USD bn in Jun 2025.
• UK Direct Investment Abroad expanded by 84.2 USD mn in Jun 2025.
• Its Foreign Portfolio Investment increased by 26.1 USD bn in Jun 2025.
• The country's Nominal GDP was reported at 1,029.9 USD bn in Sep 2025.