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.

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 95.90 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.

Government Debt in the United Kingdom increased to 2867 GBP Billion in May from 2831.50 GBP Billion in April 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.

Public Sector Net Debt to GDP in the United Kingdom increased to 96.40 percent of GDP in May from 95.60 percent of GDP in April of 2025. This dataset includes a chart with historical data for the United Kingdom Public Sector Net Debt To GDP.

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.

Graph and download economic data for Central government debt, total (% of GDP) for the United Kingdom (DEBTTLGBA188A) from 1990 to 2023 about United Kingdom, debt, government, and GDP.

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;

Households Debt in the United Kingdom decreased to 76.30 percent of GDP in the fourth quarter of 2024 from 77.20 percent of GDP in the third quarter of 2024. This dataset provides - United Kingdom Households Debt To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Public sector debt interest spending in the United Kingdom reached 121 billion British pounds in 2023/24, compared with just under 130 billion pounds in the previous year.

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.

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

External Debt in the United Kingdom increased to 7995744 GBP Million in the first quarter of 2025 from 7939226 GBP Million in the fourth quarter of 2024. This dataset provides - United Kingdom External Debt - actual values, historical data, forecast, chart, statistics, economic calendar and news.

International comparison of UK general government gross debt and general government deficit as percentage of GDP.

The ratio of national debt to gross domestic product (GDP) of the United Kingdom amounted to about 101.23 percent in 2024. From 1980 to 2024, the ratio rose by approximately 58.71 percentage points, though the increase followed an uneven trajectory rather than a consistent upward trend. Between 2024 and 2030, the ratio will rise by around 4.83 percentage points, showing an overall upward trend with periodic ups and downs.The general government 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. Here it is depicted in relation to the country's GDP, which refers to the total value of goods and services produced during a year.

Graph and download economic data for Public Sector Debt Outstanding in the United Kingdom (PSDOTUKA) from 1700 to 2016 about public, academic data, sector, United Kingdom, and 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 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 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.