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.

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.

In 2024, the budget balance in relation to the gross domestic product (GDP) in the United Kingdom amounted to about -5.75 percent. Between 1980 and 2024, the figure dropped by approximately 2.91 percentage points, though the decline followed an uneven course rather than a steady trajectory. The forecast shows the budget balance will steadily grow by around 3.50 percentage points from 2024 to 2030.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 expenses and the net acquisition of nonfinancial assets. The general government revenue consists of the revenue from taxes, social contributions, grants receivable, and other revenue.

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

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.

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.

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.

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

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.

United Kingdom UK: Net Incurrence of Liabilities: Total: % of GDP data was reported at 4.018 % in 2016. This records a decrease from the previous number of 4.080 % for 2015. United Kingdom UK: Net Incurrence of Liabilities: Total: % of GDP data is updated yearly, averaging 3.453 % from Dec 1972 (Median) to 2016, with 45 observations. The data reached an all-time high of 13.854 % in 2009 and a record low of -1.667 % in 2001. United Kingdom UK: Net Incurrence of Liabilities: Total: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s UK – Table UK.World Bank: Government Revenue, Expenditure and Finance. Net incurrence of government liabilities includes foreign financing (obtained from nonresidents) and domestic financing (obtained from residents), or the means by which a government provides financial resources to cover a budget deficit or allocates financial resources arising from a budget surplus. The net incurrence of liabilities should be offset by the net acquisition of financial assets.; ; International Monetary Fund, Government Finance Statistics Yearbook and data files.; Weighted Average;

In 2025/26, the budgeted expenditure of the United Kingdom government is expected to be reach 1,335 billion British pounds, with the highest spending function being the 379 billion pounds expected to be spent on social protection, which includes pensions and other welfare benefits. Government spending on health was expected to be 277 billion pounds and was the second-highest spending function in this fiscal year, while education was the third-highest spending category at 146 billion pounds. UK government debt approaching 100 percent of GDP At the end of the 2024/25 financial year, the UK's government debt amounted to approximately 2.8 trillion British pounds, around 96 percent of GDP that year. This is due to the UK having to borrow money to cover its spending commitments, especially at the height of the COVID-19 pandemic, when this deficit amounted to 314.6 billion pounds. Without significant cuts to spending or tax rises, the current government is aiming to reduce this debt by creating a stronger, more productive economy. Though this is how Britain's post WW2 debt was reduced, the country faces far more structural problems to growth than it did in the mid 20th century. Income Tax the UK's main revenue source Income Tax is expected to raise approximately 329 billion British pounds in the 2025/26 financial year, and be the largest revenue source for the government that year. Value Added Tax (VAT) receipts are expected to raise 214 billion pounds, with National Insurance contributions reaching 199 billion pounds. Although National Insurance rates for employees has actually fallen recently, the rate which employers pay was one of the main tax rises announced in the Autumn 2024 budget, rising from 13.8 percent to 15 percent. Though this avoided raising tax for workers directly, many UK businesses were critical of the move, with taxation seen as the main issue facing them at the start of 2025.

The United Kingdom: Fiscal balance, percent of GDP: The latest value from 2023 is -5.41 percent, a decline from -5.35 percent in 2022. In comparison, the world average is -2.83 percent, based on data from 143 countries. Historically, the average for the United Kingdom from 1960 to 2023 is -3.05 percent. The minimum value, -15.31 percent, was reached in 2020 while the maximum of 1.92 percent was recorded in 1970.

United Kingdom UK: Net Incurrence of Liabilities: Total data was reported at 78,894.000 GBP mn in 2016. This records an increase from the previous number of 77,057.000 GBP mn for 2015. United Kingdom UK: Net Incurrence of Liabilities: Total data is updated yearly, averaging 13,990.000 GBP mn from Dec 1972 (Median) to 2016, with 45 observations. The data reached an all-time high of 211,902.000 GBP mn in 2009 and a record low of -18,778.000 GBP mn in 2001. United Kingdom UK: Net Incurrence of Liabilities: Total 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. Net incurrence of government liabilities includes foreign financing (obtained from nonresidents) and domestic financing (obtained from residents), or the means by which a government provides financial resources to cover a budget deficit or allocates financial resources arising from a budget surplus. The net incurrence of liabilities should be offset by the net acquisition of financial assets.; ; International Monetary Fund, Government Finance Statistics Yearbook and data files.; ;