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The United Kingdom national debt is the total quantity of money borrowed by the Government of the United Kingdom at any time through the issue of securities by the British Treasury and other government agencies. At the end of March 2023, UK general government gross debt was £2,537.0 billion, or 100.5% gross domestic product. [2]
Debt interest has grown as a proportion of government spending in the last few years as a result of rising interest rates, and increased debt due to primarily to the cost of the Covid pandemic. [10] In financial year 2018-19, debt interest was £43 billion - around 5% of total government spending [11] compared to around 10% in 2023-24.
The UK's rate of inflation was predicted to fall to 2.9% by the end of 2023, down from 10.7% in the final three months of 2022, while underlying debt was forecast to be 92.4% of GDP in 2023, rising to 93.7% in 2024. [14] [15] Government borrowing for 2022–23 was forecast to be £152bn. [16]
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The higher debt costs will be unwelcome news for the chancellor, however. On the UK’s £2.69 trillion of debt, a quarter percentage point rise in borrowing costs implies an extra interest cost ...
The UK government went all out to prop up the economy through the Covid pandemic and the initial phase of Russia’s war in Ukraine. Now, the bill is starting to bite. Why inflation makes Britain ...
[15] [16] In July 2007, Britain had government debt at 35.5% of GDP. [16] This figure rose to 56.8% of GDP by July 2009. [17] As of June 2023 the British national debt sits at 100.1% of GDP. Public sector net debt at the end of May 2023 was £2,567.2 billion. [18]
The national debt servicing cost is 50% more than the £5.1bn forecast by the Office for Budget Responsibility. Interest spikes UK debt to record £7.6bn in May Skip to main content