Analysis
UK debt over time
National debt is what the government owes after years of borrowing more than it raises. The fairest way to size it is against the whole economy — debt as a share of GDP — because a bigger country can carry a bigger debt.
Drag the slider to move through three centuries. The line is coloured by whoever was in power, and the marked events are the wars and crises that moved it most. Here is the surprise: debt was far higher after both World Wars than it is today, and it fell for decades under governments of every colour. The biggest moves follow shocks, not manifestos.
- Whig
- Conservative
- Labour
- Coalition
- National Government
Labour — Keir Starmer
Drag the slider to move through the years.
Correlation is not causation. The line is coloured by whoever was in power, but the biggest moves track wars and global crises — not any one party's choices. Debt was far higher after both World Wars than it is today, and it fell for decades under governments of every colour. Where these numbers come from.
The figures behind this chart
| Year | % of GDP | £ bn (today's money) | In power |
|---|---|---|---|
| 1700 | 32% | £3 | Tory |
| 1715 | 52% | £6 | Whig |
| 1720 | 55% | £7 | Whig |
| 1740 | 60% | £12 | Whig |
| 1750 | 100% | £22 | Whig |
| 1763 | 132% | £34 | Whig |
| 1775 | 115% | £33 | Tory |
| 1784 | 165% | £48 | Tory |
| 1800 | 165% | £62 | Tory |
| 1815 | 194% | £92 | Tory |
| 1822 | 194% | £90 | Tory |
| 1835 | 150% | £82 | Whig |
| 1850 | 108% | £84 | Whig |
| 1870 | 75% | £78 | Liberal |
| 1890 | 42% | £66 | Conservative |
| 1900 | 30% | £62 | Conservative |
| 1914 | 25% | £66 | Liberal |
| 1919 | 135% | £300 | Coalition |
| 1923 | 180% | £340 | Conservative |
| 1933 | 178% | £320 | National Government |
| 1939 | 110% | £260 | National Government |
| 1946 | 250% | £1,050 | Labour |
| 1950 | 200% | £980 | Labour |
| 1960 | 110% | £720 | Conservative |
| 1970 | 68% | £560 | Conservative |
| 1976 | 49% | £420 | Labour |
| 1980 | 46% | £400 | Conservative |
| 1990 | 28% | £360 | Conservative |
| 1997 | 38% | £470 | Labour |
| 2000 | 30% | £440 | Labour |
| 2007 | 35% | £560 | Labour |
| 2010 | 65% | £1,240 | Coalition |
| 2015 | 80% | £1,720 | Conservative |
| 2019 | 80% | £1,900 | Conservative |
| 2020 | 96% | £2,280 | Conservative |
| 2021 | 100% | £2,400 | Conservative |
| 2024 | 98% | £2,700 | Labour |
| 2025 | 98% | £2,800 | Labour |
| 2026 | 99% | £2,900 | Labour |
Where these numbers come from
Bank of England. Thomas, R. and Dimsdale, N. (2017), 'A Millennium of UK Data', Bank of England OBRA dataset. Debt-to-GDP series, 1700 onwards. Bank of England
Office for Budget Responsibility. Office for Budget Responsibility, 'Historical public finances database' and 'Public finances databank'. OBR
Office for National Statistics. Office for National Statistics, 'Public sector finances, UK' — public sector net debt (excluding public sector banks) as a percentage of GDP. ONS
Debt as a share of GDP is the standard measure economists use. The pound figures are in today's money (adjusted for inflation); pre-1900 values are estimates, and every point between measured years is drawn by joining the dots.