UK general government credit, % of GDP
UK general government credit, % of GDP stood at 101 % of GDP 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 as a share of GDP | |||||||||||
| General government, % of GDP | 101 | 102.3 | 101.6 | 100.7 | 99.5 | 99.7 | 99.9 | 99.8 | 98.4 | 98.8 | |
| 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 |
Understanding UK general government credit, % of GDP
Consolidated debt liabilities owed by central administration and local authorities across the United Kingdom are expressed here as a percentage of gross domestic product. The perimeter incorporates gilts, Treasury bills, national savings instruments, and official overseas borrowing. Liabilities held between different government branches are consolidated and excluded, preventing artificial inflation of the sovereign balance sheet. Unlike companion rows covering commercial and personal borrowers, this series reflects the sovereign financing footprint rather than market-driven private credit demand.
Because this series uses a standardised international accounting framework to ensure comparability across national borders, headline figures can diverge from domestic public sector net debt measures that net out liquid official assets. Year-on-year changes provide the most reliable perspective because quarterly tax receipts follow pronounced seasonal variations that distort single-period output and borrowing metrics. Revisions to historical GDP estimates will also alter the calculated percentage without any alteration in the underlying nominal gilt portfolio.
Frequently asked questions
- How does this series treat liquid financial assets owned by the state?
- It tracks gross debt liabilities and therefore does not net off official foreign exchange reserves or public cash holdings.
- Does this aggregate cover local council borrowing as well as central government debt?
- Yes, it spans both central government debt instruments and borrowing contracted by local authorities across the country.
- Why might this ratio differ from domestic public sector net debt figures?
- It adheres to international gross debt definitions rather than domestic measures that deduct public liquid assets and treat central bank interventions differently.