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.

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.

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

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.

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.

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 Current Account Balance: % of GDP

• United Kingdom Current Account deficit accounted for 2.5 % of the country's Nominal GDP in Sep 2024, compared with a 3.4 % deficit in the previous quarter.
• UK Current Account Balance: % of Nominal GDP data is updated quarterly, available from Mar 1955 to Sep 2024, with an average value of -1.0 %.
• The data reached an all-time high of 4.0 % in Mar 1981 and a record low of -6.9 % in Dec 2014.

CEIC calculates Current Account Balance as % of Nominal GDP from quarterly Current Account Balance and quarterly Nominal GDP. Office for National Statistics provides Current Account Balance in local currency and Nominal GDP in local currency.


Key information about United Kingdom Current Account Balance: % 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 Nominal GDP was reported at 786.4 USD bn in Mar 2023.

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.

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.

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 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.

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.

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 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.