Public finances indicator
Public sector net debt excluding public sector banks
Net debt is the public sector’s liabilities within the ONS measure less liquid assets. The percentage-of-GDP measure puts the cash total in the context of the size of the economy.
Verified primary sourceLong-term trend
The displayed series runs from 2024 AUG (94.5%) to 2026 JUL (94.1%). This is descriptive and does not attribute causation.
Accessible data table
| Period | Value |
|---|---|
| 2024 AUG | 94.5% |
| 2024 SEP | 94% |
| 2024 OCT | 94.4% |
| 2024 NOV | 95.2% |
| 2024 DEC | 94.8% |
| 2025 JAN | 93% |
| 2025 FEB | 93.4% |
| 2025 MAR | 93.4% |
| 2025 APR | 93.7% |
| 2025 MAY | 94.8% |
| 2025 JUN | 94.5% |
| 2025 JUL | 94.9% |
| 2025 AUG | 95.1% |
| 2025 SEP | 94.9% |
| 2025 OCT | 94% |
| 2025 NOV | 94.7% |
| 2025 DEC | 94.3% |
| 2026 JAN | 92.3% |
| 2026 FEB | 92.5% |
| 2026 MAR | 93.4% |
| 2026 APR | 93.7% |
| 2026 MAY | 94.4% |
| 2026 JUN | 94.6% |
| 2026 JUL | 94.1% |
Insight
FactWhat the data show. Public sector net debt excluding public sector banks was 94.1% in 2026 JUL.
CalculationWhat has changed. The change from 2026 JUN is -0.5 percentage points.
ComparisonHow it compares. Comparison awaiting period-aligned review. The year-earlier value was 94.9%.
InterpretationWhy it may matter. The level and path of debt affect resilience to shocks, future financing needs and exposure to interest rates and inflation-linked debt costs.
LimitationImportant limitations. The ratio uses GDP forecasts for the latest period and can be revised. Do not directly compare ONS public-sector net debt excluding public-sector banks with IMF general-government gross debt. Sector coverage, gross/net treatment and asset netting differ. The latest ONS debt-to-GDP ratio uses GDP forecasts and is provisional.
MeasurementHow progress could be measured. Continue the same monthly series, record revisions and compare like-for-like reporting periods.