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During the COVID-19 pandemic, national debt reached £2.004 trillion for the first time due to government spending on virus measures, such as the Coronavirus Job Retention Scheme ("furlough scheme"). [22] The national debt stood at £1.786 trillion at the calendar year end 2018, or 85.2% of GDP; as published by the Office for National ...
English: This chart shows UK debt as a percentage of GDP (1993-2023). This chart uses data from the Office for National Statistics (ONS). This chart uses data from the Office for National Statistics (ONS).
At the beginning of the 20th century the national debt stood at around 30 percent of GDP. [5] However, during World War I the British government was forced to borrow heavily in order to finance the war effort. The national debt increased from £650 million in 1914 to £7.40 billion in 1919. [7] [failed verification]
UK national debt currently stood at around £2.7 trillion, or 99.4% of GDP, according to estimates from the Office for National Statistics for July. This sits around the highest levels the UK has ...
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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 government’s borrowing costs continue to rise, hitting the highest level since the financial crisis. Ten-year bonds hit yields of 4.89 per cent today, the highest since 2008 when they ...
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