UK government debt 2024 | Statista (2024)

FAQs

How much debt is the UK in 2024? ›

Public sector net debt excluding the Bank of England (BoE) was £2,448.3 billion at the end of March 2024, or around 89.4% of GDP, £245.9 billion (or 8.9 percentage points of GDP) less than the wider measure.

In order to actually reduce the debt, it needs to raise taxes even further, or reduce public spending even more. If the government decided that it wanted to pay off £30bn of national debt every single year, then it would need to raise another extra £30bn in taxes: equivalent to doubling council tax.

U.S. publicly held debt 2013-2024

In April 2024, the public debt of the United States was around 34.62 trillion U.S. dollars, more than two trillion more than in July when it was around 32.6 trillion U.S. dollars.

Japan has the highest percentage of national debt in the world at 259.43% of its annual GDP.

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.

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.

The largest holder of U.S. debt is the U.S government. Which agencies own the most Treasury notes, bills, and bonds? Social Security, by a long shot. The U.S. Treasury publishes this information in its monthly Treasury statement.

Russia's external debt declines 4.1% to $304 bln in Q1 2024 - Central Bank assessment. MOSCOW, 13th April, 2024 (WAM) – Russia's external debt declined by $12.8 billion, or 4.1%, to $304 billion in the first quarter of 2024, the Central Bank posted on its website.

Under current policy, the United States has about 20 years for corrective action after which no amount of future tax increases or spending cuts could avoid the government defaulting on its debt whether explicitly or implicitly (i.e., debt monetization producing significant inflation).

Nearly half of all US foreign-owned debt comes from five countries. All values are adjusted to 2023 dollars. As of January 2023, the five countries owning the most US debt are Japan ($1.1 trillion), China ($859 billion), the United Kingdom ($668 billion), Belgium ($331 billion), and Luxembourg ($318 billion).

How much will the US debt be in 2025? ›

how much money the public sector will raise from taxes and other sources of revenue. In 2024-25, we expect it to raise £1,139 billion, equivalent to around £39,000 per household or 40.9 per cent of national income. how much it will spend on things like public services, state pensions and debt interest.

The $34 trillion gross federal debt equals debt held by the public plus debt held by federal trust funds and other government accounts. In very basic terms, this can be thought of as debt that the government owes to others plus debt that it owes to itself. Learn more about different ways to measure our national debt.

German general government debt up in 2023 by €62 billion to €2.62 trillion, debt ratio down from 66.1% to 63.7% General government debt in Germany increased by €62 billion in 2023 to €2.62 trillion.