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.

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.

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.

This statistic shows the general government gross consolidated debt (national debt) at a nominal value of the United Kingdom (UK) from 2000 to 2019. After a small decrease from 2000/01 to 2001/02 national debt increased each year during this period. The largest increase came from 2008/09 to 2009/10 when national debt rose by 255 billion pounds.

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.

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.

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.

Graph and download economic data for Public Sector Debt Outstanding in the United Kingdom (PSDOUKA) from 1691 to 2016 about public, academic data, sector, United Kingdom, and debt.

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

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.

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.

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.

Private Debt to GDP in the United Kingdom decreased to 160.90 percent in 2023 from 171.90 percent in 2022. United Kingdom Private Debt to GDP - values, historical data, forecasts and news - updated on March of 2025.

Graph and download economic data for Use of Financial Services, Assets: Outstanding Loans to Small and Medium Enterprises at Commercial Banks for United Kingdom (GBRFCSODCSXDC) from 2011 to 2023 about medium, small, enterprises, United Kingdom, financial, assets, loans, services, banks, and depository institutions.

The ratio of national debt to gross domestic product (GDP) in the United Kingdom was forecast to continuously increase between 2024 and 2029 by in total 6.5 percentage points. After the seventh consecutive increasing year, the ratio is estimated to reach 108.34 percent and therefore a new peak in 2029. This indicator describes the general government gross debt in relation to the country's GDP. According to the International Monetary Fund, 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. The GDP, on the other hand, refers to the total value of final goods and services produced during a year.Find more statistics on other topics about the United Kingdom with key insights such as the gross domestic product per capita, the gross domestic product in current prices, and the share in the global GDP adjusted for purchasing power parity.

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.

Graph and download economic data for Corporate Borrowing Rate on Loans from Banks in the United Kingdom (CBRLBUKQ) from Q2 1977 to Q4 2016 about borrowings, academic data, United Kingdom, corporate, loans, banks, depository institutions, and rate.