UK public sector net debt

Source: Office for National Statistics (ONS), series HF6X (% of GDP); HF6W (£ billion). Monthly, usually around the third week of the month, 7am; next release 21 October 2026

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What it measures

Public sector net debt (PSND) is the UK's headline measure of the national debt. It is the public sector's financial liabilities, mainly government bonds (gilts) and Treasury bills, minus its liquid assets such as cash and foreign exchange reserves. It covers central government, local government and public corporations, and excludes the banks that were temporarily in public ownership after 2007. Expressing debt as a percentage of GDP compares it with the size of the economy. See public sector net debt in the glossary.

How to read it

Debt rises each year that the Government borrows, so the cash total almost always grows; the ratio to GDP falls only when the economy grows faster than the debt. The ratio uses GDP for the 12 months centred on the month, which includes ONS estimates and forecasts, so recent values are revised as GDP data change. The Government's fiscal rules are assessed on specific measures chosen by the Treasury, which the ONS publishes alongside PSND in its "UK fiscal targets" section. Bank of England asset purchases (quantitative easing) affect the headline, so the ONS also publishes debt excluding the Bank of England. For international comparisons use general government gross debt from the IMF or OECD, not PSND.

Background

The ONS monthly series for net debt as a percentage of GDP starts in March 1993. In the series, the highest ratio is 98.1%, at the end of September and October 2020, after borrowing rose during the coronavirus (COVID-19) pandemic. Longer-run annual figures on a financial-year basis are published by the OBR in its public finances databank, and the ONS publishes each month how the latest figure compares with earlier years.

Other parts of the UK

Government Expenditure and Revenue Scotland (GERS)

How much is the UK national debt in pounds?

The ONS publishes public sector net debt in pounds each month as series HF6W, alongside the ratio to GDP. When this page was checked on 13 October 2026, the latest figure was about £2,985.5 billion at the end of August 2026, published on 22 September 2026. The figure is revised as later data arrive, so quote it with its month.

What is the difference between debt and the deficit?

The deficit, measured by public sector net borrowing, is how much more the Government spends than it receives in a year. The debt is the total stock of borrowing built up over time, minus liquid assets. Each year's deficit adds to the debt, so the debt can keep rising even while the deficit is falling.

Why do different sources give different figures for UK debt?

Sources use different definitions. The ONS headline is public sector net debt excluding public sector banks. International bodies such as the IMF use general government gross debt, which excludes public corporations and does not subtract liquid assets. The ONS publishes several measures each month, so match the definition before comparing figures.

Related questions

• What is the UK national debt?
• What is the UK debt to GDP ratio?
• How much does the UK spend on debt interest?
• How does UK debt compare with other countries?

More on this source: Office for Budget Responsibility (OBR)