UK government debt 2024 | Statista (2024)

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UK government debt 2024 | Statista? ›

Debt was provisionally estimated at around 97.1% of the UK's annual gross domestic product (GDP) at the end of February 2024, 2.3 percentage points more than at the end of February 2023, and remains at levels last seen in the early 1960s.

The chancellor has unveiled his budget for the upcoming financial year. Alongside spending and taxation changes, figures have been released from the Office for Budget Responsibility showing the size of the national debt which is forecast to rise to almost £2.8 trillion next year.

Central government's total expenditure was £102.5 billion in March 2024, £0.4 billion less than in March 2023. Of this £0.4 billion decrease in spending: net social benefits paid by central government increased by £3.5 billion to £23.7 billion, largely because of inflation-linked benefits uprating.

In 2024-25, we expect a deficit of £87.2 billion or 3.1 per cent of national income. This is a sharp fall from the 2020-21 peak of £314.7 billion, which was the highest since the second world war. Over the five-year forecast, we expect the growth in receipts to outpace that of spending and the deficit to fall.

In March 2024, the public debt of the United States was around 34.59 trillion U.S. dollars, almost two trillion more than in July when it was around 32.6 trillion U.S. dollars.

The UK finally paid off its World War II debts in 2006, and then (ironically) it finally paid off its World War I debts in 2015. With interest. Like a Lannister, the UK always pays its debts.

UK budget. The public debt increases or decreases as a result of the annual budget deficit or surplus. The British government budget deficit or surplus is the cash difference between government receipts and spending. The British government debt is rising due to a gap between revenue and expenditure.

In 2023/24, UK government raised around £1,095 billion (£1.1 trillion) in receipts – income from taxes and other sources. This is equivalent to around 40% of the size of the UK economy, as measured by GDP, which is the highest level since the early 1980s.

The ratio of national debt to gross domestic product (GDP) in the United Kingdom was forecast to continuously increase between 2024 and 2029 by in total 5.7 percentage points. After the seventh consecutive increasing year, the ratio is estimated to reach 110.08 percent and therefore a new peak in 2029.

Budget The federal government collected nearly $4.5 trillion in revenue in fiscal year 2023 (FY 2023). The federal government spent almost $6.2 trillion in FY 2023, including funds distributed to states. Federal revenue decreased 15.5% in FY 2023 but remained almost 8% higher than in FY 2019.

What is France's national debt? ›

The statistic shows the national debt of France from 2018 to 2022, with projections up until 2028. In 2022, the national debt of France amounted to around 2.88 trillion U.S. dollars.

Government Debt to GDP in Ireland is expected to reach 39.00 percent of GDP by the end of 2024, according to Trading Economics global macro models and analysts expectations.

The UK's net worth increased by £1.0 trillion to £11.8 trillion, in 2021; a £0.4 trillion upward revision since the preliminary estimate. This was the largest annual increase on record, with land accounting for over 60% of the UK's net worth.

The agency added that while the Chinese government's fiscal policy was likely to play an important role in driving growth in the coming years, it could also keep debt on a “steady upward trend”. Fitch forecasts that the general government deficit will rise to 7.1% of gross domestic product in 2024, from 5.8% in 2023.

China is one of the United States's largest creditors, owning about $859.4 billion in U.S. debt. 1 However, it does not own the most U.S. debt of any foreign country.

Russia National Government Debt reached 281.6 USD bn in Feb 2024, compared with 287.8 USD bn in the previous month. Russia National Government Debt data is updated monthly, available from May 2009 to Feb 2024. The data reached an all-time high of 384.2 USD bn in Jun 2022 and a record low of 86.1 USD bn in May 2009.

Public sector net debt excluding public sector banks (debt) was £2,646.5 billion at the end of January 2024 and was provisionally estimated at around 96.5% of the UK's annual gross domestic product (GDP); this is 1.8 percentage points higher than in January 2023 and remains at levels last seen in the early 1960s.

The British Chambers of Commerce (BCC) Quarterly Economic Forecast has slightly upgraded growth expectations for 2024 and 2025, as the recession lasts just two quarters, but strong growth will remain elusive. The UK economy is expected to grow every year until the end of 2026 but will continue to lack momentum.