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.

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

This statistic shows the actual and forecasted current budget deficit in the United Kingdom (UK) from 2017/18 to 2023/24, as percentage of gross domestic product (GDP). The current budget is forecasted to reach -1.4 by 2023/24.

The United Kingdom recorded a government budget deficit of 10710 GBP Million in February of 2025. This dataset provides - United Kingdom Government Budget Value - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The budget balance in the United Kingdom was forecast to increase between 2024 and 2029 by in total 10.3 billion Pound Sterling. This overall increase does not happen continuously, notably not in 2028 and 2029. The budget balance is estimated to amount to -144.59 billion Pound Sterling in 2029. The indicator describes the general government net lending/borrowing which is calculated as revenue minus total expenditure. The International Monetary Fund defines the general government expenditure as consisting of total expense and the net acquisition of nonfinancial assets. The general government revenue consists of the revenue from taxes, social contributions, grants receivable, and other revenue.Find more statistics on other topics about the United Kingdom with key insights such as the average inflation rate, the ratio of government expenditure to the gross domestic product, and the total population.

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.

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.

The budget deficit in the United Kingdom was 12.8 billion British pounds in November 2021, compared with 17 billion pounds in the same month of 2020.

The budget balance in relation to the GDP in the United Kingdom was forecast to continuously increase between 2024 and 2029 by in total 0.9 percentage points. The budget balance is estimated to amount to -3.35 percent in 2029. The indicator describes the general government net lending/borrowing which is calculated as revenue minus total expenditure. The International Monetary Fund defines the general government expenditure as consisting of total expense and the net acquisition of nonfinancial assets. The general government revenue consists of the revenue from taxes, social contributions, grants receivable, and other revenue.Find more statistics on other topics about the United Kingdom with key insights such as the growth of the real the gross domestic product, the number of employed people, and the budget balance.

The United Kingdom recorded a Government Debt to GDP of 95.30 percent of the country's Gross Domestic Product in 2023. This dataset provides - United Kingdom Government Debt To GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

As of November 2021, the cumulative public sector budget deficit in the United Kingdom for the 2021/22 financial year stood at 106.2 billion British pounds, compared with 207.4 billion pounds in the same month of the 2020/21 financial year.

Key information about UK Consolidated Fiscal Balance: % of GDP

• United Kingdom Consolidated Fiscal Balance recorded a deficit equal to 5.3 % of its Nominal GDP in Sep 2024, compared with a deficit equal to 5.9 % in the previous quarter
• UK Consolidated Fiscal Balance to GDP data is updated quarterly, available from Mar 1987 to Sep 2024, with an average ratio of -3.5 %
• The data reached an all-time high of 2.2 % in Jun 2000 and a record low of -25.6 % in Jun 2020

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

Government Debt in the United Kingdom increased to 2795.80 GBP Billion in February from 2780.60 GBP Billion in January of 2025. This dataset provides the latest reported value for - United Kingdom Public Sector Net Borrowing - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Graph and download economic data for Trade Deficit in the United Kingdom (TDFUKA) from 1816 to 2016 about budget, academic data, United Kingdom, and trade.

United Kingdom Central Government: Budget Deficit data was reported at -1,174.000 GBP mn in Sep 2018. This records an increase from the previous number of -2,319.000 GBP mn for Aug 2018. United Kingdom Central Government: Budget Deficit data is updated monthly, averaging -2,064.000 GBP mn from Jan 1993 (Median) to Sep 2018, with 309 observations. The data reached an all-time high of 17,443.000 GBP mn in Jan 2017 and a record low of -15,411.000 GBP mn in Apr 2013. United Kingdom Central Government: Budget Deficit data remains active status in CEIC and is reported by Office for National Statistics. The data is categorized under Global Database’s United Kingdom – Table UK.F005: ESA 2010: Public Sector Finances: Current Receipts and Expenditure: Central 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 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.

The statistical significance of the mean revision to public sector finances statistics over a nine-year period.

Key information about United Kingdom National Government Debt

• United Kingdom National Government Debt reached 3,810.9 USD bn in Sep 2024, compared with 3,544.5 USD bn in the previous quarter.
• UK National Government Debt data is updated quarterly, available from Mar 1966 to Sep 2024.
• The data reached an all-time high of 3,810.9 USD bn in Sep 2024 and a record low of 46.7 USD bn in Mar 1966.

• In the latest reports, UK Consolidated Fiscal Balance recorded a deficit equal to 5.9 % of its Nominal GDP in Jun 2024.
• The country's Government debt accounted for 101.0 % of its Nominal GDP in Sep 2024.
• UK Nominal GDP reached 786.4 USD bn in Mar 2023.