UK credit outstanding: general government
UK credit outstanding: general government stood at £3,101.96bn in Q1 2026, according to Bank for International Settlements (BIS). It is one of the indicators in the Credit and debt burden table (Value · Quarterly), with a complete series running from Q1 1966 to Q1 2026. The complete series with an interactive chart, free to download.
This indicator in the Credit and debt burden table
| Indicator | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Credit outstanding | |||||||||||
| 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 | |
| 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 |
Understanding UK credit outstanding: general government
The absolute nominal stock of gross debt liabilities owed by general government authorities across the United Kingdom is stated here in billions of pounds sterling. Coverage encompasses central government liabilities—primarily British government securities (gilts) and Treasury bills—alongside borrowing conducted by local councils and devolved administrations. Mutual holdings among different branches of government are eliminated through consolidation, whereas corporate and personal obligations are excluded. This series delivers the raw domestic currency scale of sovereign liabilities.
Because this figure is expressed in nominal terms, long-term comparisons must consider the compounding effects of price inflation on the broader economy. Seasonal variation in public finances is substantial, with major corporation tax and self-assessment receipts concentrated in particular calendar quarters, making four-quarter comparisons far more instructive than sequential quarterly steps. In addition, this gross liability tally differs from net public debt indicators because it does not deduct the liquid cash reserves or foreign currency assets held by official accounts.
Frequently asked questions
- Are national savings certificates and bonds included in this government total?
- Yes, retail government savings instruments are counted as official debt liabilities alongside wholesale gilt issuances.
- Does this metric incorporate debt issued by the central bank?
- Central bank currency notes and commercial bank reserve balances are treated as financial sector liabilities and excluded from general government debt.
- Why choose year-on-year analysis for government nominal debt?
- Seasonal concentrations of tax receipts create artificial quarter-on-quarter fluctuations in the government's borrowing requirements.