How the UK's national debt as a percentage of GDP has changed since 1979
· No. 210
UK national debt fell sharply in the 1980s, rose in the early 1990s and after 2008's financial crisis, and spiked during the pandemic before falling slightly.
The table below shows the UK's public sector net debt as a percentage of GDP, year by year, from 1979/80 to 2024/25.
Included the annual change in percentage points so the debt burden rising or falling.
The figures use the ONS historical financial-year series, excluding public sector banks.
UK national debt compared with GDP
How to read the table: If debt rises from 40% to 42% of GDP, that is an increase of 2 percentage points, not 2%.
| Financial year | Debt as % of GDP | Annual change (percentage points) |
|---|---|---|
| 1979/80 | 39.1% | - |
| 1980/81 | 40.4% | +1.3 |
| 1981/82 | 40.1% | −0.3 |
| 1982/83 | 38.7% | −1.4 |
| 1983/84 | 38.9% | +0.2 |
| 1984/85 | 38.7% | −0.2 |
| 1985/86 | 37.1% | −1.6 |
| 1986/87 | 34.8% | −2.3 |
| 1987/88 | 31.0% | −3.8 |
| 1988/89 | 25.6% | −5.4 |
| 1989/90 | 23.1% | −2.5 |
| 1990/91 | 21.7% | −1.4 |
| 1991/92 | 22.9% | +1.2 |
| 1992/93 | 26.7% | +3.8 |
| 1993/94 | 31.2% | +4.5 |
| 1994/95 | 34.6% | +3.4 |
| 1995/96 | 36.1% | +1.5 |
| 1996/97 | 36.7% | +0.6 |
| 1997/98 | 36.5% | −0.2 |
| 1998/99 | 35.1% | −1.4 |
| 1999/00 | 32.4% | −2.7 |
| 2000/01 | 28.2% | −4.2 |
| 2001/02 | 28.0% | −0.2 |
| 2002/03 | 29.7% | +1.7 |
| 2003/04 | 30.8% | +1.1 |
| 2004/05 | 33.4% | +2.6 |
| 2005/06 | 34.2% | +0.8 |
| 2006/07 | 34.9% | +0.7 |
| 2007/08 | 35.5% | +0.6 |
| 2008/09 | 50.2% | +14.7 |
| 2009/10 | 64.4% | +14.2 |
| 2010/11 | 70.6% | +6.2 |
| 2011/12 | 73.9% | +3.3 |
| 2012/13 | 77.2% | +3.3 |
| 2013/14 | 78.8% | +1.6 |
| 2014/15 | 81.1% | +2.3 |
| 2015/16 | 80.6% | −0.5 |
| 2016/17 | 82.7% | +2.1 |
| 2017/18 | 81.6% | −1.1 |
| 2018/19 | 79.6% | −2.0 |
| 2019/20 | 84.5% | +4.9 |
| 2020/21 | 95.4% | +10.9 |
| 2021/22 | 94.3% | −1.1 |
| 2022/23 | 93.2% | −1.1 |
| 2023/24 | 94.2% | +1.0 |
| 2024/25 | 93.2% | −1.0 |
Source: ONS, Public Sector Finances, long-run fiscal indicators. Figures are subject to revision.
What the figures show
Debt fell from 39.1% of GDP in 1979/80 to 23.1% in 1989/90.
That was a reduction of 16 percentage points.
Debt began rising again in the early 1990s, reaching 36.7% by 1996/97.
Debt rose sharply from 35.5% in 2007/08 to 64.4% in 2009/10.
Debt increased from 84.5% in 2019/20 to 95.4% in 2020/21.
The key comparison
| Period | Debt as % of GDP |
|---|---|
| 1979/80 | 39.1% |
| 1989/90 | 23.1% |
| 1996/97 | 36.7% |
| 2007/08 | 35.5% |
| 2019/20 | 84.5% |
| 2020/21 | 95.4% |
| 2024/25 | 93.2% |
The overall picture: The debt-to-GDP ratio fell substantially during the 1980s, rose during the early 1990s, remained relatively moderate until the financial crisis, and then increased sharply.
The figures show the change in debt relative to the economy, but they do not establish that privatisation alone caused the decline during the 1980s.
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