Historical trend
Trend summary
UK public sector net borrowing was £151.9bn (5.4% of GDP) in the financial year 2023–24.
Trend
- Borrowing peaked at £325bn (15.1% of GDP) in 2020–21 during the pandemic and has since declined.
- At 5.4% of GDP, the deficit remains above the pre-pandemic level of around 2%.
- Interest payments on the national debt reached £111bn in 2023–24, the highest in cash terms since records began.
Context
- ONS publishes public sector finances monthly; figures are revised as tax receipts and expenditure outturns are confirmed.
- The fiscal year runs April to March; full-year figures are published in late April.
Official projections
The OBR (March 2025) projects borrowing to fall to 3.0% of GDP by 2029–30, conditional on planned spending and revenue measures.
Commentary contains no editorial judgement — describes direction, magnitude, and official projections only.