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.

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.

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.

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.

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.

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 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.

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.

Key information about United Kingdom External Debt: % of GDP

• United Kingdom External Debt accounted for 277.2 % of the country's Nominal GDP in 2023, compared with the ratio of 288.8 % in the previous year.
• UK External Debt: % of Nominal GDP data is updated yearly, available from Dec 1987 to Dec 2023.
• The data reached an all-time high of 395.1 % in Dec 2008 and a record low of 116.0 % 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 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 External Debt reached 10,527,772.5 in Sep 2024.
• The country's Nominal GDP was reported at 786.4 USD bn in Mar 2023.

This statistic shows the national debt of the United Kingdom from 2019 to 2023, with projections up until 2029. In 2023, the national debt in the United Kingdom was about 3.32 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.

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 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.

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.

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 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.

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.

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 872.5 % of the country's GDP in 2024, compared with the ratio of 878.1 % in the previous quarter.
• UK Total Debt: % of GDP data is updated quarterly, available from Mar 1987 to Sep 2024.
• The data reached an all-time high of 1,236.1 % in Sep 2011 and a record low of 517.3 % 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.

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.

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.

Key information about United Kingdom External Debt: Short Term

• United Kingdom External Debt: Short Term value stood at 7,515.3 USD bn in Sep 2024, compared with 7,090.4 USD bn in the previous quarter.
• UK External Debt: Short Term data is updated quarterly, available from Dec 1979 to Sep 2024.
• The data reached an all-time high of 9,201.8 USD bn in Mar 2008 and a record low of 366.9 USD bn in Dec 1979.

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 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 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.