🇬🇧 United Kingdom

Public Sector Debt · 2026

Total Debt

96.0%

of GDP

Global Rank

#30

of 192

Interest Burden

of govt revenue

S&P Rating

Credit rating

SOE Debt

+2.9%

1 categories

Interest Cost

2.8%

of GDP (govt only)

Where the Debt Sits

Central Government

Central Government: 90.2%Subnational: 2.9%Infrastructure: 2.9%

Who Holds This Debt

Holder Breakdown

Domestic 71%

Foreign 29%

Domestic: 71%Foreign: 29%

Currency Denomination

Local 100%

Local currency: 100%Foreign currency: 0%

Full Debt Breakdown

Central Government90.2% of GDP

Conventional GiltsONS — Public Sector Net DebtFixed-rate government bonds, 2-50yr. ~72% of gilt stock.

60.9%

Index-Linked GiltsONS — Public Sector Net DebtInflation-protected bonds linked to RPI. ~25% of gilt stock.

20.8%

NS&I (National Savings)ONS — Public Sector Net DebtPremium Bonds, savings certificates. Government-owned savings bank.

6.0%

Treasury BillsONS — Public Sector Net DebtShort-term bills (1-6 months).

2.5%

Subnational / Regional2.9% of GDP

SubnationalONS — Public Sector Net Debt

2.9%

Infrastructure SOEs2.9% of GDP

Network RailONS Public Sector Finances→Reclassified to public sector in 2014. ~£46B debt. Manages all UK rail infrastructure.

1.7%

PFI/PF2 liabilities (hospitals, schools, roads)HM Treasury PFI dataPrivate Finance Initiative: ~£40B in future payment commitments for publicly-used infrastructure.

1.2%

Total Corporate Debt59.1% of GDP

Nonfinancial corporate debt (total)BIS Credit Statistics Q3 2025Total NFC credit. SOE portion negligible.

59.1%

Household Debt73.9% of GDP

Household debtBIS Credit Statistics Q3 2025Mortgages dominant. Down from 90%+ pre-2008.

73.9%

Unfunded Pension Liabilities324.0% of GDP

Public pension unfunded liabilitiesONS Pension Obligations 2018, ICAEW 2024State pension: ~224% GDP + public sector defined-benefit pensions: ~100% GDP. Total ~324%.

324.0%

State Bank Liabilities0.5% of GDP

UK Asset Resolution (Bradford & Bingley, NRAM)UKAR Annual ReportLegacy mortgage books from nationalized banks during 2008 crisis.

0.5%

All Layers Total553.5%