Question 1

What is the UK national debt?

Accepted Answer

The ONS publishes the UK's public sector net debt every month in its public sector finances release, jointly with HM Treasury. The usual headline measure excludes the Bank of England ("PSND ex BoE") and is shown both in pounds and as a share of GDP. The fiscal rules use other measures too, such as public sector net financial liabilities. A claim about "the national debt" should say which measure it uses and which month. The Office for Budget Responsibility forecasts where debt is heading.

Question 2

How much tax revenue does the UK collect?

Accepted Answer

HMRC publishes UK tax and National Insurance receipts monthly, with a breakdown by tax, in its "HMRC tax receipts and National Insurance contributions for the UK" bulletin. Annual totals for each financial year are in the same collection. HMRC's figures cover taxes it collects. Council tax, business rates and some other receipts are not included; for total public sector current receipts use the ONS public sector finances release.

Question 3

What is the UK debt to GDP ratio?

Accepted Answer

The ONS publishes public sector net debt as a percentage of GDP each month (series HF6X for the measure excluding the Bank of England). The Office for Budget Responsibility publishes a long-run series back to the 1700s in its public finances databank. For comparisons with other countries, the IMF and OECD use general government gross debt, which is a different definition and usually gives a higher number for the UK. Don't compare the ONS net figure with another country's gross figure.

Question 4

What is the OBR and what does it forecast?

Accepted Answer

The Office for Budget Responsibility is the UK's independent fiscal watchdog, set up in 2010 and placed on a statutory footing by the Budget Responsibility and National Audit Act 2011 . It produces the official forecasts for the economy and public finances. Twice a year it publishes an Economic and fiscal outlook alongside the Budget and the spring statement, which forecasts growth, inflation, unemployment, tax receipts, spending, borrowing and debt, and says whether the government is on course to meet its fiscal rules. It also certifies the costings of tax and spending measures announced at fiscal events. See our OBR guide for how to use it against spending promises.

Question 5

How much is the UK government borrowing?

Accepted Answer

Public sector net borrowing (the deficit) is the gap between what the public sector spends and what it receives in a period. The ONS publishes it monthly, with the financial year so far, in the public sector finances release. Monthly figures are revised heavily as tax and spending data come in, so check the latest release before quoting a past month. Each release compares the year so far with the Office for Budget Responsibility's forecast, which shows whether borrowing is above or below plan.

Question 6

How much does the UK spend on debt interest?

Accepted Answer

Central government debt interest is reported monthly in the ONS public sector finances release and forecast by the Office for Budget Responsibility. A large share of UK debt is index-linked gilts, whose interest rises with RPI inflation, so interest costs move with inflation as well as with interest rates. The OBR's Economic and fiscal outlook gives the forecast for each year ahead and explains how sensitive it is to changes in rates and inflation.

Question 7

When is the next OBR forecast?

Accepted Answer

The OBR publishes its Economic and fiscal outlook on the day of each Budget and spring forecast, so the date is set by the Chancellor's announcement of the next fiscal event. On 13 October 2026 the OBR listed its next forecast for 28 October 2026, alongside the Budget. In between, it publishes a Fiscal risks and sustainability report, a forecast evaluation report comparing past forecasts with outturns, and monthly commentary on the public finances.

Question 8

How do I check a government spending or tax promise?

Accepted Answer

For a measure announced at a Budget, the OBR publishes a "policy costings" document showing the yield or cost of each measure for each year, and states whether it certifies the costing. Find the line for the measure and compare it with the figure quoted. For spending, HM Treasury's Public Expenditure Statistical Analyses (PESA) and departmental budgets show what was actually allocated and spent. Check whether a promise is in cash or real terms, over how many years, and whether it is new money or already planned. Opposition parties' pledges are not costed by the OBR.

Question 9

How much income tax does the UK raise?

Accepted Answer

Income tax is the largest single tax in the UK. Monthly and annual receipts are in HMRC's tax receipts bulletin. HMRC's income tax liabilities statistics show who pays it: the number of taxpayers, how much is paid in each income band and the share paid by the top 1% and 10%. Liabilities statistics for recent years are projections and are revised later from the Survey of Personal Incomes, so check the year and whether it is a projection.

Question 10

How is UK tax revenue spent?

Accepted Answer

HM Treasury's Public Expenditure Statistical Analyses (PESA) is the official breakdown of UK public spending by function, such as health, pensions, education, defence and debt interest, and by region. It is published every July, with headline tables in spring. For a single department, its annual report and accounts show what it spent. The National Audit Office audits these accounts and reports on value for money.

Public finances, tax and the OBR: your questions answered