UK public sector net debt, excluding banks
UK public sector net debt, excluding banks stood at £2,985,531m in Aug 2026, according to Office for National Statistics (ONS). It is one of the indicators in the Public sector finances table (Value · Monthly), with a complete series running from Mar 1975 to Aug 2026. The complete series with an interactive chart, free to download.
This indicator in the Public sector finances table
| Indicator | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | 11-2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Borrowing and debt | |||||||||||
| Public sector net debt, excluding banks | 2,985,531 | 2,981,989 | 2,992,469 | 2,972,575 | 2,938,225 | 2,916,811 | 2,886,876 | 2,870,360 | 2,924,529 | 2,926,310 | |
| Net debt, share of GDP | 93.8 | 94 | 94.6 | 94.3 | 93.6 | 93.3 | 92.6 | 92.3 | 94.2 | 94.6 |
Understanding UK public sector net debt, excluding banks
This cumulative stock measure tallies the total nominal liabilities of the United Kingdom public sector outstanding at the end of the period, excluding the financial sector interventions associated with rescued banks. It aggregates the gross debt liabilities of central government, local authorities and public corporations, minus their liquid financial assets such as cash and bank deposits. Unlike borrowing flows, which measure annual deficits, this series represents the historical accumulation of past borrowings and financial obligations that must be serviced over time.
When reading this indicator, analysts must account for the valuation effects of gilt issuances, inflation uplifts on index-linked bonds, and market price fluctuations. Revisions to early estimates occur when more precise counterparty data and local authority returns are finalised. Because liabilities are recorded at nominal or face value rather than market value for conventional gilts, comparisons over long horizons must be interpreted alongside economic growth measures. Month-to-month changes are usually driven by the prevailing borrowing requirement and debt management issuance choices.
Frequently asked questions
- What is the difference between net debt and gross debt?
- Net debt subtracts liquid financial assets like cash reserves and deposits from total gross liabilities.
- How do index-linked gilts affect the recorded debt level?
- Changes in retail price inflation adjust the principal value of index-linked bonds, altering the recorded debt stock.
- Why does this series exclude banks?
- It removes the temporary liabilities and asset holdings of rescued commercial banks to reveal underlying public finances.