The UK national debt is the total amount of money the British government owes to the private sector and other purchasers of UK gilts.
- Public sector net debt was £1,185.3 billion at the end of April 2013, equivalent to 75.2% of GDP
- Source: ONS 1 (page updated May 23rd 2013)
- In 2011/12 public sector net borrowing (the budget deficit) – was £121 billion or 7.9% of GDP.
- In 2012/13 net borrowing is forecast to be £120.9 bn (7.8% of GDP) - note: this excludes a £28bn transfer of Royal Mail pensions in April 2012 and £6.4 bn because of transfer of funds from AFP, Q.E. The official figure including Royal Mail and AFP transfers is £ 80 billion (5.1% of GDP).
- See also: UK budget deficit
Gross Government debt
Although it is a little confusing, a different debt statistic is also produced. Gross government debt is calculated in a different way and includes public sector debt plus some government liabilities, social security funds, and local government debt (see also: gross government debt)
- In 2012/13, gross government debt is forecast to be £1,412 bn or 90.3% of GDP 2
- In 2012/13, public sector net debt is forecast to be £1,186 bn or 75% of GDP.