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 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 2.8 trillion British pounds in 2024/25, compared with 1.8 trillion pounds in 2019/20.

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.

• 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.

Government Debt in the United Kingdom increased to 2828.30 GBP Billion in April from 2807.30 GBP Billion in March 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.

This statistic shows the national debt of the United Kingdom from 2020 to 2024, with projections up until 2030. In 2024, the national debt in the United Kingdom was about 3.91 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.

Public Sector Net Debt to GDP in the United Kingdom increased to 95.50 percent of GDP in April from 95.10 percent of GDP in March of 2025. This dataset includes a chart with historical data for the United Kingdom Public Sector Net Debt To GDP.

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.

• 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.

The here depicted ratio of national debt to gross domestic product (GDP) of the United Kingdom amounts to approximately 103.89 percent in 2025.Fluctuating rise between 1980 and 2025Compared to the earliest depicted observation from 1980 there is a total increase by approximately 61.37 percentage points. Looking at the trajectory between 1980 and 2025, one can observe that this increase however did not happen continuously.Fluctuating rise between 2025 and 2030The ratio will amount to roughly 106.06 percent in 2030, according to forecasts. This indicates an overall increase by approximately 2.17 percentage points since 2025.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.

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.

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.

United Kingdom UK: Gross Public Debt: % of GDP: General Government: Debt Securities and Loans data was reported at 77.008 % in Mar 2018. This records a decrease from the previous number of 78.296 % for Dec 2017. United Kingdom UK: Gross Public Debt: % of GDP: General Government: Debt Securities and Loans data is updated quarterly, averaging 35.982 % from Mar 1995 (Median) to Mar 2018, with 93 observations. The data reached an all-time high of 79.758 % in Jun 2016 and a record low of 27.205 % in Mar 2002. United Kingdom UK: Gross Public Debt: % of GDP: General Government: Debt Securities and Loans 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: QPSD: Gross Public Debt: % of GDP: General Government.

United Kingdom UK: Gross Public Debt: USD: Central Government: Debt Securities and Loans data was reported at 2,088.307 USD bn in Jun 2018. This records a decrease from the previous number of 2,191.215 USD bn for Mar 2018. United Kingdom UK: Gross Public Debt: USD: Central Government: Debt Securities and Loans data is updated quarterly, averaging 925.371 USD bn from Mar 1995 (Median) to Jun 2018, with 94 observations. The data reached an all-time high of 2,384.551 USD bn in Jun 2014 and a record low of 435.966 USD bn in Jun 2001. United Kingdom UK: Gross Public Debt: USD: Central Government: Debt Securities and Loans 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: QPSD: Gross Public Debt: Central Government.

UK: Gross Public Debt: % of GDP: Central Government: Debt Securities, Loans, SDRs, Currency and Deposits data was reported at 86.086 % in Jun 2018. This records an increase from the previous number of 85.094 % for Mar 2018. UK: Gross Public Debt: % of GDP: Central Government: Debt Securities, Loans, SDRs, Currency and Deposits data is updated quarterly, averaging 43.035 % from Mar 1995 (Median) to Jun 2018, with 94 observations. The data reached an all-time high of 87.429 % in Dec 2016 and a record low of 33.484 % in Mar 2002. UK: Gross Public Debt: % of GDP: Central Government: Debt Securities, Loans, SDRs, Currency and Deposits 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.QPSD: Gross Public Debt: % of GDP: Central Government.

United Kingdom UK: Gross Public Debt: % of GDP: Central Government: Debt Securities data was reported at 75.426 % in Jun 2018. This records an increase from the previous number of 74.562 % for Mar 2018. United Kingdom UK: Gross Public Debt: % of GDP: Central Government: Debt Securities data is updated quarterly, averaging 33.153 % from Mar 1995 (Median) to Jun 2018, with 94 observations. The data reached an all-time high of 77.840 % in Dec 2015 and a record low of 25.071 % in Mar 2003. United Kingdom UK: Gross Public Debt: % of GDP: Central Government: Debt Securities 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.QPSD: Gross Public Debt: % of GDP: Central Government.

United Kingdom UK: Gross Public Debt: % of GDP: General Government: Long Term: Over 1 Year: Insurance, Pensions and Standardized Guarantee Schemes data was reported at 0.666 % in Mar 2018. This records a decrease from the previous number of 0.738 % for Dec 2017. United Kingdom UK: Gross Public Debt: % of GDP: General Government: Long Term: Over 1 Year: Insurance, Pensions and Standardized Guarantee Schemes data is updated quarterly, averaging 2.219 % from Mar 1995 (Median) to Mar 2018, with 93 observations. The data reached an all-time high of 6.277 % in Mar 1995 and a record low of -0.646 % in Dec 1999. United Kingdom UK: Gross Public Debt: % of GDP: General Government: Long Term: Over 1 Year: Insurance, Pensions and Standardized Guarantee Schemes 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: QPSD: Gross Public Debt: % of GDP: General Government.

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 June of 2025.

During the Great Recession of 2008-2009, the advanced economies of the G7 experienced a period of acute financial crises, downturns in the non-financial economy, and political instability. The governments of these countries in many cases stepped in to backstop their financial sectors and to try to stimulate their economies. The scale of these interventions was large by historical standards, with observers making comparisons to the measures of the New Deal which the U.S. undertook in the 1930s to end the Great Depression.

The bailouts of financial institutions and stimulus packages caused the government debt ratios of the United States, United Kingdom, and Japan in particular to rise sharply. The UK's government debt ratio almost doubled due to the bailouts of Northern Rock and Royal Bank of Scotland. On the other hand, the increases in government debt in the Eurozone were more measured, due to the comparative absence of stimulus spending in these countries. They would later be hit hard during the Eurozone crisis of the 2010s, when bank lending to the periphery of the Eurozone (Portugal, Spain, Ireland and Greece in particular) would trigger a sovereign debt crisis. The Canadian government, led by a Conservative premier, engaged in some fiscal stimulus to support its economy, but these packages were small in comparison to that in most other of the G7 countries.

This statistic shows the general government gross consolidated debt (national debt) as a percentage of gross domestic product (GDP) in the United Kingdom (UK) from fiscal year 2000/01 to 2018/19. After 2002/03, national debt as a percentage of GDP rose continuously over the remainder of the period to a peak in 2016/17.

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.

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.