National debt of the United Kingdom 2024

This statistic shows the national debt of the United Kingdom from 2014 to 2018, with projections up until 2024. In 2018, the national debt in the United Kingdom was about 2.36 trillion U.S. dollars.

Reduction of the national debt and recovery of the economy in the UK

The debt of the United Kingdom, which amounted to around 1,600 billion pounds in 2014 - more than it has ever been - is projected to keep rising. Since the economic recession of 2007-08, economic growth in the United Kingdom has been slow, but it has been able to recover. In 2014, the United Kingdom recorded a 2.8 percent growth rate.

Many believe that if the economy is stable, the government will reduce spending and not accrue any more debt, and it can indeed be seen that while government spending continues to increase, the gap between spending and revenue is projected to get smaller. If the government were to earn more than it spends, it could use the money left over to pay the national debt and start to reduce it. However, what is even more important is the size of the debt in relation to the size of the country's economy; if the debt grows slower than the economy, the debt to GDP ratio can still fall, despite a budget deficit. The ratio of government expenditure to GDP indicates that the economy is recovering at a faster rate than government expenditure, with the ratio decreasing significantly over the last decade and the national debt in relation to GDP being expected to decrease further as well - albeit slowly. This should help relieve concerns over the United Kingdom’s mounting debt, but for some debt reduction is just not fast enough.

United Kingdom: National debt from 2014 to 2024

National debt in billion U.S. dollars
2024*2,777.02
2023*2,698.39
2022*2,620.53
2021*2,541.43
2020*2,462.22
2019*2,402.11
20182,362.44
20172,294.96
20162,224.7
20152,140.65
20142,062.02
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Source

Release date

October 2019

Region

United Kingdom (Great Britain)

Survey time period

2014 to 2018

Supplementary notes

* Estimate.

Values have been rounded for better understanding of the statistic.

According to the source, these figures refer to the United Kingdom and include Great Britain (England, Wales, Scotland) as well as Northern Ireland. Exchange rate as of November 27, 2019, 1 GBP = 1.28492 U.S. dollar

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Statistics on "United Kingdom"

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