This statistic shows the national debt of the United Kingdom from 2016 to 2020, with projections up until 2026. In 2020, the national debt in the United Kingdom was about 3.1 trillion U.S. dollars.
Reduction of the national debt and recovery of the economy in the UK
The debt of the United Kingdom, which amounted to around 1,600 billion pounds in 2014 - more than it has ever been - is projected to keep rising. Since the economic recession of 2007-08, economic growth in the United Kingdom has been slow, but it has been able to recover. In 2014, the United Kingdom recorded a 2.8 percent growth rate.
Many believe that if the economy is stable, the government will reduce spending and not accrue any more debt, and it can indeed be seen that while government spending continues to increase, the gap between spending and revenue is projected to get smaller. If the government were to earn more than it spends, it could use the money left over to pay the national debt and start to reduce it. However, what is even more important is the size of the debt in relation to the size of the country's economy; if the debt grows slower than the economy, the debt to GDP ratio can still fall, despite a budget deficit. The ratio of government expenditure to GDP indicates that the economy is recovering at a faster rate than government expenditure, with the ratio decreasing significantly over the last decade and the national debt in relation to GDP being expected to decrease further as well - albeit slowly. This should help relieve concerns over the United Kingdom’s mounting debt, but for some debt reduction is just not fast enough.
United Kingdom: National debt from 2016 to 2026
(in billion U.S. dollars)
Values have been rounded for better understanding of the statistic.
According to the source, these figures refer to the United Kingdom and include Great Britain (England, Wales, Scotland) as well as Northern Ireland.
Exchange rate as of June 09, 2021, 1 GBP = 1.4167107 U.S. dollar
Access All Statistics. Starting from $468 / Year
Learn more about how Statista can support your business.
IMF. (April 6, 2021). United Kingdom: National debt from 2016 to 2026 (in billion U.S. dollars) [Graph]. In Statista. Retrieved September 24, 2021, from https://www.statista.com/statistics/270380/national-debt-of-the-united-kingdom/
IMF. "United Kingdom: National debt from 2016 to 2026 (in billion U.S. dollars)." Chart. April 6, 2021. Statista. Accessed September 24, 2021. https://www.statista.com/statistics/270380/national-debt-of-the-united-kingdom/
IMF. (2021). United Kingdom: National debt from 2016 to 2026 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: September 24, 2021. https://www.statista.com/statistics/270380/national-debt-of-the-united-kingdom/
IMF. "United Kingdom: National Debt from 2016 to 2026 (in Billion U.S. Dollars)." Statista, Statista Inc., 6 Apr 2021, https://www.statista.com/statistics/270380/national-debt-of-the-united-kingdom/
IMF, United Kingdom: National debt from 2016 to 2026 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/270380/national-debt-of-the-united-kingdom/ (last visited September 24, 2021)