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.

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.

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.

As of December 2024, UK government debt was more likely to be either short or long-term conventional gilts. Respectively, these types of bonds accounted for ** and **** percent of the total outstanding debt, while medium-term conventional gilts accounted for ** percent of the overall debt. Short-term gilts are government bonds with a maturity of seven years or less, medium a maturity of seven to 15 years, and long have a maturity of 15 to 50 years.

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.

• 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.

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;

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.

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

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.

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.

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.

• 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.

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.

Historical chart and dataset showing U.K. debt to gdp ratio by year from 1990 to 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.

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.

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

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.

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.

• 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.

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.