{ "service": "debt-interest", "title": "Debt interest: what the public sector pays on its debt", "generatedAt": "2026-09-29T01:00:03.501Z", "units": "£ million", "priceBase": "2025-26 prices", "years": [ "1955-56", "1956-57", "1957-58", "1958-59", "1959-60", "1960-61", "1961-62", "1962-63", "1963-64", "1964-65", "1965-66", "1966-67", "1967-68", "1968-69", "1969-70", "1970-71", "1971-72", "1972-73", "1973-74", "1974-75", "1975-76", "1976-77", "1977-78", "1978-79", "1979-80", "1980-81", "1981-82", "1982-83", "1983-84", "1984-85", "1985-86", "1986-87", "1987-88", "1988-89", "1989-90", "1990-91", "1991-92", "1992-93", "1993-94", "1994-95", "1995-96", "1996-97", "1997-98", "1998-99", "1999-00", "2000-01", "2001-02", "2002-03", "2003-04", "2004-05", "2005-06", "2006-07", "2007-08", "2008-09", "2009-10", "2010-11", "2011-12", "2012-13", "2013-14", "2014-15", "2015-16", "2016-17", "2017-18", "2018-19", "2019-20", "2020-21", "2021-22", "2022-23", "2023-24", "2024-25", "2025-26" ], "root": "uk", "nodes": { "debt-central-government": { "id": "debt-central-government", "name": "Central government debt interest", "level": "body", "code": null, "codeScheme": "none", "nation": null, "years": { "2021-22": { "cash": 70892, "real": 85976.2, "perHead": 1058.44, "perHeadReal": 1283.65, "yoyCash": null, "yoyReal": null, "population": 66978000 }, "2022-23": { "cash": 108063, "real": 122449.3, "perHead": 1597.71, "perHeadReal": 1810.41, "yoyCash": 52.4, "yoyReal": 42.4, "population": 67636100 }, "2023-24": { "cash": 83213, "real": 89578, "perHead": 1214.32, "perHeadReal": 1307.21, "yoyCash": -23, "yoyReal": -26.8, "population": 68526200 }, "2024-25": { "cash": 85386, "real": 88327.8, "perHead": 1232.45, "perHeadReal": 1274.91, "yoyCash": 2.6, "yoyReal": -1.4, "population": 69281400 }, "2025-26": { "cash": 96946, "real": 96946, "perHead": 1395.17, "perHeadReal": 1395.17, "yoyCash": 13.5, "yoyReal": 9.8, "population": 69487000 } }, "sourceIds": [ "hmt-pesa-5-2" ], "file": "https://assets.publishing.service.gov.uk/media/6a5772f59e63154454413701/PESA_2026_CP_Chapter_5_tables.xlsx", "children": [], "note": "Interest on gilts and National Savings, including the uplift to index-linked gilts for inflation.", "notPublished": "HM Treasury does not publish interest by gilt in PESA; the Debt Management Office publishes each gilt in issue and the OBR the split between conventional and index-linked interest in its forecasts." }, "debt-bank-of-england": { "id": "debt-bank-of-england", "name": "Bank of England", "level": "body", "code": null, "codeScheme": "none", "nation": null, "years": { "2021-22": { "cash": -15518, "real": -18819.9, "perHead": -231.69, "perHeadReal": -280.99, "yoyCash": null, "yoyReal": null, "population": 66978000 }, "2022-23": { "cash": 4049, "real": 4588, "perHead": 59.86, "perHeadReal": 67.83, "yoyCash": 126.1, "yoyReal": 124.4, "population": 67636100 }, "2023-24": { "cash": 24368, "real": 26231.9, "perHead": 355.6, "perHeadReal": 382.8, "yoyCash": 501.8, "yoyReal": 471.8, "population": 68526200 }, "2024-25": { "cash": 20820, "real": 21537.3, "perHead": 300.51, "perHeadReal": 310.87, "yoyCash": -14.6, "yoyReal": -17.9, "population": 69281400 }, "2025-26": { "cash": 12344, "real": 12344, "perHead": 177.64, "perHeadReal": 177.64, "yoyCash": -40.7, "yoyReal": -42.7, "population": 69487000 } }, "sourceIds": [ "hmt-pesa-5-2" ], "file": "https://assets.publishing.service.gov.uk/media/6a5772f59e63154454413701/PESA_2026_CP_Chapter_5_tables.xlsx", "children": [], "note": "Mainly the Bank’s quantitative easing: interest paid on reserves less the interest earned on the gilts it holds. 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213.32, "perHeadReal": 824.8, "yoyCash": 13, "yoyReal": 5.3, "population": 56290700, "pctGdp": 3.66 }, "1983-84": { "cash": 12885, "real": 47556.7, "perHead": 228.8, "perHeadReal": 844.47, "yoyCash": 7.3, "yoyReal": 2.4, "population": 56315700, "pctGdp": 3.59 }, "1984-85": { "cash": 14884, "real": 51900, "perHead": 263.86, "perHeadReal": 920.06, "yoyCash": 15.5, "yoyReal": 9.1, "population": 56409300, "pctGdp": 3.85 }, "1985-86": { "cash": 16197, "real": 53561.3, "perHead": 286.4, "perHeadReal": 947.08, "yoyCash": 8.8, "yoyReal": 3.2, "population": 56554000, "pctGdp": 3.82 }, "1986-87": { "cash": 17069, "real": 54241.4, "perHead": 301.13, "perHeadReal": 956.91, "yoyCash": 5.4, "yoyReal": 1.3, "population": 56683800, "pctGdp": 3.74 }, "1987-88": { "cash": 18604, "real": 55867, "perHead": 327.51, "perHeadReal": 983.51, "yoyCash": 9, "yoyReal": 3, "population": 56804000, "pctGdp": 3.63 }, "1988-89": { "cash": 20200, "real": 56792.8, "perHead": 354.91, "perHeadReal": 997.83, "yoyCash": 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1875.17, "yoyCash": 3, "yoyReal": -0.4, "population": 69487000, "pctGdp": 4.24 } }, "sourceIds": [ "hmt-pesa", "hmt-pesa-2021", "hmt-pesa-2016", "hmt-pesa-2011", "obr-historical" ], "children": [ "debt-central-government", "debt-pensions", "debt-bank-of-england", "debt-local-government", "debt-public-corporations" ], "note": "Public sector debt interest as HM Treasury counts it in PESA, which includes the notional interest on public service pension liabilities. Before 1988-89 the series is the OBR’s historical figure." } }, "measures": { "defs": [], "byBody": {}, "groups": [] }, "levelNotes": { "nation": "Debt interest is paid for the UK as a whole; HM Treasury does not assign it to nations.", "local": "Councils’ own interest is one of the lines; it is not published by council here." }, "breaks": [ { "year": "1998-99", "note": "Figures before 1998-99 are on a cash basis and from 1998-99 on an accruals basis." }, { "year": "1988-89", "note": "Before 1988-89 the series is the OBR’s historical figure." }, { "year": "2009-10", "note": "From 2009 the Bank of England’s quantitative easing changed how much of the cost of debt passes through the Bank; its line turned from a saving to a cost in 2022-23." } ], "sources": [ { "id": "hmt-pesa", "name": "PESA 2026: chapters 4 and 5 tables", "publisher": "HM Treasury", "url": "https://www.gov.uk/government/statistics/public-expenditure-statistical-analyses-2026", "file": "https://assets.publishing.service.gov.uk/media/6a5772f59e63154454413701/PESA_2026_CP_Chapter_5_tables.xlsx", "published": "2026-07-16", "edition": "PESA 2026", "licence": "ogl-3" }, { "id": "hmt-pesa-2021", "name": "PESA 2021: chapter 4 and 5 tables", "publisher": "HM Treasury", "url": "https://www.gov.uk/government/statistics/public-expenditure-statistical-analyses-2021", "file": "https://assets.publishing.service.gov.uk/media/60f573d2d3bf7f56824cc5f3/PESA_2021_CP_Chapter_5.xlsx", "published": null, "edition": "PESA 2021", "licence": "ogl-3" }, { "id": "hmt-pesa-2016", "name": "PESA 2016: chapter 4 and 5 tables", "publisher": "HM Treasury", "url": "https://www.gov.uk/government/statistics/public-expenditure-statistical-analyses-2016", "file": "https://assets.publishing.service.gov.uk/media/5a7f5c21e5274a2e87db561f/PESA_2016_Chapter_5_tables.xlsx", "published": null, "edition": "PESA 2016", "licence": "ogl-3" }, { "id": "hmt-pesa-2011", "name": "PESA 2011: chapter 4 and 5 tables", "publisher": "HM Treasury", "url": "https://www.gov.uk/government/statistics/public-expenditure-statistical-analyses-2011", "file": "https://assets.publishing.service.gov.uk/media/5a7c87a5ed915d6969f45852/pesa_2011_tables_chapter5.xlsx", "published": null, "edition": "PESA 2011", "licence": "ogl-3" }, { "id": "obr-historical", "name": "Historical public finances database", "publisher": "Office for Budget Responsibility", "url": "https://obr.uk/data/", "file": "https://obr.uk/download/historical-public-finances-database/?tmstv=1790611197", "published": null, "edition": null, "licence": "ogl-3" }, { "id": "hmt-deflators", "name": "GDP deflators at market prices, and money GDP", "publisher": "HM Treasury", "url": "https://www.gov.uk/government/collections/gdp-deflators-at-market-prices-and-money-gdp", "licence": "ogl-3" }, { "id": "ons-population", "name": "Population estimates (UK and nations time series; local authorities on Nomis)", "publisher": "Office for National Statistics", "url": "https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationestimates", "published": null, "edition": "mid-2025", "licence": "ogl-3" }, { "id": "hmt-pesa-5-2", "name": "PESA 2026: table 5.2, public debt transactions", "publisher": "HM Treasury", "url": "https://www.gov.uk/government/statistics/public-expenditure-statistical-analyses-2026", "file": "https://assets.publishing.service.gov.uk/media/6a5772f59e63154454413701/PESA_2026_CP_Chapter_5_tables.xlsx", "published": "2026-07-16", "edition": "PESA 2026", "licence": "ogl-3" }, { "id": "obr-frs-july-2026", "name": "Fiscal risks and sustainability, July 2026", "publisher": "Office for Budget Responsibility", "url": "https://obr.uk/frs/fiscal-risks-and-sustainability-july-2026/", "file": null, "published": "2026-07-07", "edition": "July 2026", "licence": "ogl-3" } ], "notes": [ "Money is £ million. Share of spending divides by total managed expenditure in the same year.", "The OBR projection is net interest (interest paid less interest received) as a share of GDP, from its latest long-term report, and is a projection, not a forecast of policy." ], "extra": { "shareOfSpending": { "1988-89": 10.6, "1989-90": 9.9, "1990-91": 9, "1991-92": 7.2, "1992-93": 6.9, "1993-94": 7.3, "1994-95": 7.9, "1995-96": 8.6, "1996-97": 8.9, "1997-98": 9.2, "1998-99": 8.9, "1999-00": 7.4, "2000-01": 7.3, "2001-02": 5.8, "2002-03": 5.2, "2003-04": 6.6, "2004-05": 6.8, "2005-06": 6.9, "2006-07": 7.2, "2007-08": 7.4, "2008-09": 7.1, "2009-10": 6.2, "2010-11": 7.7, "2011-12": 8.1, "2012-13": 7.4, "2013-14": 7.3, "2014-15": 6.8, "2015-16": 6.9, "2016-17": 7, "2017-18": 7.3, "2018-19": 6.6, "2019-20": 6.2, "2020-21": 3.8, "2021-22": 7, "2022-23": 11.2, "2023-24": 10.3, "2024-25": 9.8, "2025-26": 9.6 }, "projection": { "edition": "july-2026", "published": "2026-07-07", "values": { "2025-26": 2.95, "2030-31": 3.11, "2035-36": 3.81, "2045-46": 5.04, "2055-56": 6.46, "2065-66": 8.68, "2075-76": 12.2 } }, "splitEdition": "PESA 2026" } }