The government of the United Kingdom borrowed approximately 151.9 billion British pounds in the 2024/25 financial year. In 2020/21, government borrowing was over 314.6 billion pounds, due to increased financial support to public services during the COVID-19 pandemic, combined with reduced revenue due to the lockdowns.

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.

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.

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;

The total value of loan write-offs in the United Kingdom (UK) was over half a billion British pounds as of the third quarter of 2024. Most of that amount corresponded to loan write-offs by UK financial monetary financial institutions in British pounds, but there were also 52 million British pounds of loans in foreign currency written off. The highest value recorded during the observed period was during the fourth quarter of 2014.

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.

Graph and download economic data for Corporate Borrowing Spread on Loans from Banks in the United Kingdom (CBSLUKQ) from Q1 1978 to Q4 2016 about borrowings, academic data, spread, United Kingdom, corporate, loans, banks, and depository institutions.

Loans to Private Sector in the United Kingdom increased to 2781757 GBP Million in the second quarter of 2025 from 2754812 GBP Million in the first quarter of 2025. This dataset provides - United Kingdom Loans to Private Sector - actual values, historical data, forecast, chart, statistics, economic calendar and news.

UK: Claims on Private Sector: Annual Growth as % of Broad Money data was reported at 4.992 % in 2017. This records an increase from the previous number of 4.975 % for 2016. UK: Claims on Private Sector: Annual Growth as % of Broad Money data is updated yearly, averaging 10.252 % from Dec 1961 (Median) to 2017, with 57 observations. The data reached an all-time high of 103.799 % in 1986 and a record low of -5.419 % in 2014. UK: Claims on Private Sector: Annual Growth as % of Broad Money 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: Bank Loans. Claims on private sector (IFS line 32D..ZK or 32D..ZF) include gross credit from the financial system to individuals, enterprises, nonfinancial public entities not included under net domestic credit, and financial institutions not included elsewhere.; ; International Monetary Fund, International Financial Statistics and data files.; ;

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

In October 2023, real estate, professional services, and support activities were the industries that borrowed the highest amount of money, followed by construction. Due to the economic effects caused by the COVID-19 pandemic the Bank of England implemented quantitative easing measures in 2020. The injection of new money supply to help kick start the economy saw a huge increase in lending to businesses in **********. Key sectors including the construction, manufacturing, real estate and transport industries could take advantage of the record low bank base interest rate set by the Bank of England.

Graph and download economic data for Use of Financial Services, Assets: Outstanding Loans to Households at Commercial Banks for United Kingdom (GBRFCSODCHXDC) from 2004 to 2024 about United Kingdom, financial, households, loans, assets, banks, services, and depository institutions.

United Kingdom UK: Domestic Credit: to Private Sector: % of GDP data was reported at 136.203 % in 2017. This records an increase from the previous number of 134.256 % for 2016. United Kingdom UK: Domestic Credit: to Private Sector: % of GDP data is updated yearly, averaging 94.784 % from Dec 1960 (Median) to 2017, with 58 observations. The data reached an all-time high of 194.862 % in 2009 and a record low of 17.556 % in 1960. United Kingdom UK: Domestic Credit: to Private Sector: % 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: Bank Loans. Domestic credit to private sector refers to financial resources provided to the private sector by financial corporations, such as through loans, purchases of nonequity securities, and trade credits and other accounts receivable, that establish a claim for repayment. For some countries these claims include credit to public enterprises. The financial corporations include monetary authorities and deposit money banks, as well as other financial corporations where data are available (including corporations that do not accept transferable deposits but do incur such liabilities as time and savings deposits). Examples of other financial corporations are finance and leasing companies, money lenders, insurance corporations, pension funds, and foreign exchange companies.; ; International Monetary Fund, International Financial Statistics and data files, and World Bank and OECD GDP estimates.; Weighted average;

This dataset concerns loans made across libraries in Leeds since the 2000/01 financial year. Please note The 2000/01 and 2001/02 figures relate only to the number of books issued. The remaining years' the figures relate to all lending materials (including loans of CDs, DVDs, talking books etc). Please also be aware that the figures are for the number of ‘issues’, as opposed to simply the number of books loaned. For example, if someone borrowed one book, but renewed it twice, this would count as three issues. N/A indicates no data available Closed indicates the library is closed down or the service is no longer available

United Kingdom UK: Gross Public Debt: USD: Central Government: Debt Securities, Loans, SDRs, Currency and Deposits, Other Account Payable data was reported at 2,451.184 USD bn in Jun 2018. This records a decrease from the previous number of 2,566.484 USD bn for Mar 2018. United Kingdom UK: Gross Public Debt: USD: Central Government: Debt Securities, Loans, SDRs, Currency and Deposits, Other Account Payable data is updated quarterly, averaging 1,141.257 USD bn from Mar 1995 (Median) to Jun 2018, with 94 observations. The data reached an all-time high of 2,749.991 USD bn in Jun 2014 and a record low of 547.267 USD bn in Mar 1995. United Kingdom UK: Gross Public Debt: USD: Central Government: Debt Securities, Loans, SDRs, Currency and Deposits, Other Account Payable 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.

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.

• 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.