UK total credit and debt service ratios
Every pound owed by British households, companies and the government, from every lender at home and abroad, back to 1963 — the BIS's own reconstruction, which reaches further back and counts more lenders than the Bank of England's published series — together with how far that borrowing has run ahead of its long-run trend, and the share of income going straight back out as interest and principal.
| Indicator | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | Q3-2023 | Q2-2023 | Q1-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Credit as a share of GDP6 | ||||||||||||||
| Non-financial sector total, % of GDP | 214.9 | 220.2 | 217.8 | 217.4 | 217.7 | 223.4 | 228.6 | 228.2 | 228.7 | 230.2 | 224.3 | 227.9 | 235.2 | |
| Private non-financial sector, % of GDP | 128.4 | 131.3 | 131.5 | 130.8 | 132.6 | 137.7 | 139.4 | 140.1 | 140.4 | 139.8 | 140.7 | 141.6 | 145.3 | |
| Households, % of GDP | 72.6 | 73.5 | 73.6 | 73.7 | 74.3 | 74.9 | 75.8 | 76.1 | 76.4 | 76.8 | 77.3 | 77.5 | 78.6 | |
| Non-financial corporations, % of GDP | 55.8 | 57.8 | 58 | 57.1 | 58.3 | 62.8 | 63.6 | 64 | 64 | 63 | 63.4 | 64.1 | 66.8 | |
| General government, % of GDP | 101 | 102.3 | 101.6 | 100.7 | 99.5 | 99.7 | 99.9 | 99.8 | 98.4 | 98.8 | 97.2 | 98.1 | 96.2 | |
| Private sector from domestic banks, % of GDP | 73 | 72.9 | 72.7 | 72.6 | 73 | 73.3 | 73.2 | 74.1 | 75.2 | 75.7 | 76.2 | 77.5 | 79.6 | |
| Credit outstanding6 | ||||||||||||||
| Non-financial sector total | 6,597.49 | 6,688.16 | 6,552.13 | 6,469.71 | 6,395.78 | 6,468.87 | 6,507.98 | 6,407.01 | 6,356.53 | 6,334.72 | 6,123.07 | 6,123.85 | 6,202.27 | |
| Private non-financial sector | 3,942.78 | 3,987.68 | 3,956.32 | 3,891.92 | 3,895.35 | 3,985.95 | 3,968.12 | 3,932.97 | 3,901.84 | 3,847.9 | 3,842.31 | 3,804.89 | 3,832.77 | |
| Households | 2,228.77 | 2,232.4 | 2,212.86 | 2,193.35 | 2,182.63 | 2,167.58 | 2,156.36 | 2,136.35 | 2,122.09 | 2,112.88 | 2,110.81 | 2,081.65 | 2,071.51 | |
| Non-financial corporations | 1,714.01 | 1,755.28 | 1,743.46 | 1,698.56 | 1,712.71 | 1,818.37 | 1,811.76 | 1,796.62 | 1,779.75 | 1,735.02 | 1,731.5 | 1,723.25 | 1,761.26 | |
| General government | 3,101.96 | 3,107.17 | 3,057.63 | 2,996.72 | 2,924.48 | 2,887.04 | 2,843.73 | 2,803.75 | 2,735.77 | 2,720.32 | 2,653.69 | 2,636 | 2,537.82 | |
| Private non-financial sector, US dollars | 5,220.84 | 5,369.89 | 5,318.36 | 5,332.12 | 5,043.17 | 4,994.3 | 5,317.77 | 4,974.67 | 4,924.07 | 4,892.44 | 4,708.13 | 4,816.93 | 4,740.6 | |
| Credit-to-GDP gap3 | ||||||||||||||
| Credit-to-GDP gap | -20.12 | -18.86 | -20.13 | -22.4 | -22.23 | -18.7 | -18.31 | -18.94 | -19.89 | -21.8 | -22.28 | -22.82 | -20.44 | |
| Credit-to-GDP ratio | 128.44 | 131.29 | 131.52 | 130.77 | 132.57 | 137.67 | 139.41 | 140.06 | 140.41 | 139.81 | 140.73 | 141.58 | 145.34 | |
| Credit-to-GDP trend (HP filter) | 148.56 | 150.15 | 151.64 | 153.17 | 154.79 | 156.37 | 157.71 | 159 | 160.3 | 161.62 | 163.01 | 164.4 | 165.78 | |
| Debt service ratios3 | ||||||||||||||
| Debt service ratio, private non-financial sector | 12.9 | 13.1 | 13 | 12.8 | 13 | 13.7 | 13.7 | 13.6 | 13.6 | 13.3 | 13.2 | 13.1 | 13.2 | |
| Debt service ratio, households | 8.8 | 8.8 | 8.8 | 8.8 | 8.9 | 8.9 | 9 | 9 | 9 | 9 | 9 | 8.9 | 8.9 | |
| Debt service ratio, non-financial corporations | 27.3 | 28.2 | 27.3 | 26.7 | 27 | 29.3 | 29.1 | 28.8 | 28.4 | 26.8 | 25.9 | 26 | 26 |
Latest reading
Private non-financial sector, % of GDP stood at 128.4 % of GDP in Q1 2026. That is −2.9 pp from Q4 2025 and −4.2 pp from a year earlier. The series on this page is quarterly and runs from Q1 1963 to Q1 2026. Source: Bank for International Settlements (BIS).
- Latest
- 128.4 % of GDP
- Q1 2026
- vs previous period
- −2.9 pp
- Q4 2025
- vs a year earlier
- −4.2 pp
About this data
Every pound owed by British households, companies and the government, from every lender at home and abroad, back to 1963 — the BIS's own reconstruction, which reaches further back and counts more lenders than the Bank of England's published series — together with how far that borrowing has run ahead of its long-run trend, and the share of income going straight back out as interest and principal.
Frequently asked questions
- What do the UK credit and debt service ratios measure?
- They measure total credit outstanding to the UK non-financial sector, households, private corporations and government, alongside the share of income required for debt service payments.
- How far back does this UK credit dataset go?
- Quarterly data for the UK in this table is published by the Bank for International Settlements (BIS) and goes back to 1963.
- What is the UK credit-to-GDP gap?
- The UK credit-to-GDP gap measures the percentage-point deviation of the private non-financial sector credit-to-GDP ratio from its long-term Hodrick-Prescott trend.
- Which sectors are covered in the UK debt service series?
- Debt service ratios are provided for the private non-financial sector as a whole, as well as separately for UK households and non-financial corporations.
