The United Kingdom recorded a Government Budget deficit equal to 4.80 percent of the country's Gross Domestic Product in 2024. This dataset provides - United Kingdom Government Budget - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The government of the United Kingdom borrowed approximately ****percent worth of its GDP in the 2024/25 financial year, compared with ****percent in 2023/24. In 2020/21, government borrowing reached *****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 17686 GBP Million in May of 2025. This dataset provides - United Kingdom Government Budget Value - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2024, the budget balance in the United Kingdom stood at about -208.37 billion U.S. dollars. Between 1980 and 2024, the figure dropped by approximately 199 billion U.S. dollars, though the decline followed an uneven course rather than a steady trajectory. The forecast shows the budget balance will steadily grow by around 106.18 billion U.S. dollars from 2024 to 2030.

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.

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.

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

Office for National Statistics provides quarterly Consolidated Fiscal Balance as % of Nominal GDP.


Further information about UK Consolidated Fiscal Balance: % of GDP

• 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 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.

Key information about EU Consolidated Fiscal Balance: % of GDP

• European Union Consolidated Fiscal Balance recorded a deficit equal to 3.5 % of its Nominal GDP in Dec 2023, compared with a deficit equal to 3.2 % in the previous year
• EU Consolidated Fiscal Balance to GDP data is updated yearly, available from Dec 1995 to Dec 2023, with an average ratio of -2.7 %
• The data reached an all-time high of -0.4 % in Dec 2018 and a record low of -7.2 % in Dec 1995

CEIC calculates Consolidated Fiscal Balance as % of Nominal GDP from annual Consolidated Fiscal Balance and quarterly Nominal GDP. Eurostat provides Consolidated Fiscal Balance in EUR and Nominal GDP in EUR. European Union stands for EU27 excluding UK.


Further information about EU Consolidated Fiscal Balance: % of GDP

• In the latest reports, EU National Government Debt reached 16,136.9 USD bn in Sep 2024
• EU Nominal GDP reached 4,430.4 USD bn in Mar 2023

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.

Key information about European Union Government Debt: % of GDP

• European Union Government debt accounted for 81.6 % of the country's Nominal GDP in Sep 2024, compared with the ratio of 81.5 % in the previous quarter.
• EU government debt to GDP ratio data is updated quarterly, available from Mar 2000 to Sep 2024.
• The data reached an all-time high of 91.5 % in Mar 2021 and a record low of 62.4 % in Dec 2007.

CEIC calculates quarterly Government Debt as % of Nominal GDP from quarterly Government Debt and rolling sum of quarterly Nominal GDP. Eurostat provides Government Debt in EUR and Nominal GDP in EUR. European Union stands for EU27 excluding UK.


Related information about European Union Government Debt: % of GDP

• In the latest reports, EU National Government Debt reached 16,136.9 USD bn in Sep 2024.
• The country's Nominal GDP reached 4,430.4 USD bn in Mar 2023.

Presents the balance sheet for the public sector, consistent with the 2010 European system of national and regional accounts (ESA 2010) and Manual on Government Deficit and Debt (MGDD).

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.

Abstract copyright UK Data Service and data collection copyright owner.

The 1964-1970 Wilson governments were committed to economic planning and consensus with both sides of industry, designed to deliver 4 per cent growth and industrial modernization. But it achieved only 2.4 per cent average annual growth. This arose from a lack of confidence, arising from a weak external balance, on the part of the financial markets that the sterling-dollar rate of 1£=$2.80 was sustainable. Ultimately the pound was devalued by 14.3 per cent in November 1967.

Wilson’s defence of the pound has often been criticized. It has been argued that by drawing on external support to supplement the reserves Labour gave overriding influence over macroeconomic policy to foreign central bankers and the IMF whose main concern was not growth but a fall in imports, to be achieved by deflation. Devaluation, it is said, would have freed Britain from such influences. Yet the evidence suggests that throughout 1964-67 the case for an adjustment was not as powerful as has been assumed. Only in the autumn of 1967 did devaluation become inescapable, following bad trade figures occasioned by dock strikes, a global economic slowdown and the closure of the Suez Canal during and after the Arab-Israeli War. The events of 1968, when the exchange rate came under renewed pressure and the budget was by the government’s own admission ‘punishing’ suggests the choice between disinflation and devaluation may have been illusory. At the same time the measures taken to protect Sterling after 1964 were largely successful exercises in the control of speculative forces which were gaining strength in an increasingly interdependent world economy. The government’s actions reveal a commitment to managed markets at home and within the international environment: they were not rewarded with rapid growth but by 1970 they had arguably freed the UK from its ‘balance of payment constraints’.

Main Topics:

The material falls into two distinct parts. First, there is a set of graphs covering aspects of macroeconomic policy and outcome. Most of these have been compiled using material in the time series data provided in National Statistics Online. Particular attention is paid to the balance of payments. The period covered sometimes extends beyond the years under investigation (1964-1970), in order to achieve some sense of relative performance.

The second part consists of files of my own research notes covering key aspects of the study. Three of these are chronologies of crucial events (the 1965 Sterling crisis, the 1967 devaluation of Sterling, a narrative of the troubled history of Sterling in 1968). The fourth is a discussion of macroeconomic policy in 1965-67. These notes are based on secondary and, above all, on primary source material. The greater part of the latter was found in the National Archives, Kew, London.

The format of these research notes varies between summaries of events, documents and leading actors’ views (as recorded in their published diaries), and some discursive sections arising from my own interrogation of the source material. They provide the raw material for the published work which has started to emerge from this project.

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.