United Kingdom national debt

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The United Kingdom national debt is the outstanding stock of liabilities owed by the public sector of the United Kingdom. In official statistics it is most commonly reported as public sector net debt excluding public sector banks (PSND ex), which is often referred to as "the national debt". At the end of November 2025, PSND ex was provisionally estimated at £2,927.7 billion, equivalent to 95.6% of gross domestic product (GDP). Debt is primarily financed through the issuance of gilt-edged securities (gilts) and Treasury bills by HM Treasury via the Debt Management Office (DMO), alongside retail savings products issued by National Savings and Investments. National debt is a stock measure and differs from the government's deficit or surplus, which measures borrowing over a period. Other definitions are used in some contexts, including general government gross debt (also known as Maastricht debt) for international comparisons under the European System of Accounts (ESA 2010). Approximately 8...

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