In this section: Public finances
Debt interest: what the public sector pays on its debt
Last updated . Figures refresh every night. How each figure is worked out.
£130.3bn was spent on debt interest in Debt interest, United Kingdom in 2025-26, £1,875 per resident. That is −0.4% on a year earlier after inflation (+3.0% in cash). In 2025-26 prices it has gone from £23.7bn in 1955-56 to £130.3bn.
Figure as of 16 July 2026. Source: HM Treasury, HM Treasury, HM Treasury, HM Treasury, Office for Budget Responsibility.
Key figures
- £130.3bnSpent in 2025-26, cash +3.0% on a year earlier
- −0.4%Real-terms change, 2025-26 on a year earlier £130.3bn in 2025-26 prices
- £1,875Per resident, 2025-26
Sources: HM Treasury, Office for Budget Responsibility.
What is the short version?
- One of the biggest items of spending, after social protection, health and education.
- It moves with inflation and interest rates: index-linked gilts pay more when prices rise, and the Bank of England’s quantitative easing passes on changes in its interest rate.
- Not all of it is interest on borrowing: HM Treasury counts the notional interest on public service pensions in the same heading, shown here as its own line.
Over the longest run published: cash, real terms and per head
Real terms use HM Treasury’s GDP deflator, 2025-26 prices. Breaks in the series: 1998-99: Figures before 1998-99 are on a cash basis and from 1998-99 on an accruals basis. 1988-89: Before 1988-89 the series is the OBR’s historical figure. 2009-10: 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.
The numbers behind this chart
| Year | Real terms (2025-26 prices) | Cash |
|---|---|---|
1955-56Details for 1955-56 | £23.7bn | £0.7bn |
| ||
1956-57Details for 1956-57 | £22.9bn | £0.7bn |
| ||
1957-58Details for 1957-58 | £21.4bn | £0.7bn |
| ||
1958-59Details for 1958-59 | £23.1bn | £0.8bn |
| ||
1959-60Details for 1959-60 | £22.8bn | £0.8bn |
| ||
1960-61Details for 1960-61 | £24.9bn | £0.9bn |
| ||
1961-62Details for 1961-62 | £25.1bn | £0.9bn |
| ||
1962-63Details for 1962-63 | £23.9bn | £0.9bn |
| ||
1963-64Details for 1963-64 | £25.0bn | £1.0bn |
| ||
1964-65Details for 1964-65 | £24.1bn | £1.0bn |
| ||
1965-66Details for 1965-66 | £23.6bn | £1.0bn |
| ||
1966-67Details for 1966-67 | £24.2bn | £1.1bn |
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1967-68Details for 1967-68 | £25.1bn | £1.2bn |
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1968-69Details for 1968-69 | £26.6bn | £1.3bn |
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1969-70Details for 1969-70 | £25.6bn | £1.3bn |
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1970-71Details for 1970-71 | £23.6bn | £1.3bn |
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1971-72Details for 1971-72 | £23.8bn | £1.5bn |
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1972-73Details for 1972-73 | £25.4bn | £1.7bn |
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1973-74Details for 1973-74 | £26.1bn | £1.9bn |
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1974-75Details for 1974-75 | £25.9bn | £2.3bn |
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1975-76Details for 1975-76 | £26.2bn | £2.8bn |
| ||
1976-77Details for 1976-77 | £31.0bn | £3.8bn |
| ||
1977-78Details for 1977-78 | £33.3bn | £4.7bn |
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1978-79Details for 1978-79 | £36.1bn | £5.6bn |
| ||
1979-80Details for 1979-80 | £37.8bn | £6.9bn |
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1980-81Details for 1980-81 | £39.8bn | £8.7bn |
| ||
1981-82Details for 1981-82 | £44.1bn | £10.6bn |
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1982-83Details for 1982-83 | £46.4bn | £12.0bn |
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1983-84Details for 1983-84 | £47.6bn | £12.9bn |
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1984-85Details for 1984-85 | £51.9bn | £14.9bn |
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1985-86Details for 1985-86 | £53.6bn | £16.2bn |
| ||
1986-87Details for 1986-87 | £54.2bn | £17.1bn |
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1987-88Details for 1987-88 | £55.9bn | £18.6bn |
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1988-89Details for 1988-89 | £56.8bn | £20.2bn |
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1989-90Details for 1989-90 | £54.4bn | £20.9bn |
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1990-91Details for 1990-91 | £49.2bn | £20.5bn |
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1991-92Details for 1991-92 | £41.4bn | £18.3bn |
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1992-93Details for 1992-93 | £41.9bn | £19.0bn |
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1993-94Details for 1993-94 | £44.6bn | £20.8bn |
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1994-95Details for 1994-95 | £49.5bn | £23.5bn |
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1995-96Details for 1995-96 | £54.7bn | £26.8bn |
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1996-97Details for 1996-97 | £55.5bn | £28.1bn |
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1997-98Details for 1997-98 | £58.5bn | £29.7bn |
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1998-99Details for 1998-99 | £57.1bn | £29.4bn |
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1999-00Details for 1999-00 | £48.8bn | £25.4bn |
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2000-01Details for 2000-01 | £50.6bn | £26.6bn |
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2001-02Details for 2001-02 | £42.3bn | £22.7bn |
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2002-03Details for 2002-03 | £39.7bn | £21.7bn |
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2003-04Details for 2003-04 | £58.3bn | £32.7bn |
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2004-05Details for 2004-05 | £63.1bn | £36.4bn |
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2005-06Details for 2005-06 | £65.8bn | £39.0bn |
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2006-07Details for 2006-07 | £69.7bn | £42.6bn |
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2007-08Details for 2007-08 | £74.5bn | £46.4bn |
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2008-09Details for 2008-09 | £75.8bn | £49.0bn |
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2009-10Details for 2009-10 | £67.7bn | £44.3bn |
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2010-11Details for 2010-11 | £86.1bn | £57.3bn |
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2011-12Details for 2011-12 | £88.4bn | £60.1bn |
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2012-13Details for 2012-13 | £80.8bn | £55.9bn |
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2013-14Details for 2013-14 | £79.2bn | £55.9bn |
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2014-15Details for 2014-15 | £75.0bn | £53.7bn |
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2015-16Details for 2015-16 | £76.2bn | £54.9bn |
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2016-17Details for 2016-17 | £77.4bn | £56.9bn |
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2017-18Details for 2017-18 | £82.7bn | £61.6bn |
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2018-19Details for 2018-19 | £73.9bn | £56.3bn |
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2019-20Details for 2019-20 | £70.6bn | £55.2bn |
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2020-21Details for 2020-21 | £51.4bn | £42.3bn |
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2021-22Details for 2021-22 | £88.2bn | £72.7bn |
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2022-23Details for 2022-23 | £147.8bn | £130.4bn |
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2023-24Details for 2023-24 | £137.0bn | £127.3bn |
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2024-25Details for 2024-25 | £130.9bn | £126.5bn |
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2025-26Details for 2025-26 | £130.3bn | £130.3bn |
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Figure as of 16 July 2026. Source: HM Treasury, HM Treasury, HM Treasury, HM Treasury, Office for Budget Responsibility.
Per resident divides by ONS mid-year population estimates.
The numbers behind this chart
| Year | Per resident, 2025-26 prices | Per resident, cash |
|---|---|---|
1971-72Details for 1971-72 | £425 | £26 |
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1972-73Details for 1972-73 | £454 | £30 |
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1973-74Details for 1973-74 | £465 | £34 |
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1974-75Details for 1974-75 | £460 | £40 |
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1975-76Details for 1975-76 | £465 | £51 |
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1976-77Details for 1976-77 | £551 | £68 |
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1977-78Details for 1977-78 | £593 | £84 |
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1978-79Details for 1978-79 | £642 | £100 |
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1979-80Details for 1979-80 | £672 | £123 |
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1980-81Details for 1980-81 | £707 | £154 |
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1981-82Details for 1981-82 | £783 | £188 |
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1982-83Details for 1982-83 | £825 | £213 |
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1983-84Details for 1983-84 | £844 | £229 |
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1984-85Details for 1984-85 | £920 | £264 |
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1985-86Details for 1985-86 | £947 | £286 |
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1986-87Details for 1986-87 | £957 | £301 |
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1987-88Details for 1987-88 | £984 | £328 |
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1988-89Details for 1988-89 | £998 | £355 |
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1989-90Details for 1989-90 | £953 | £366 |
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1990-91Details for 1990-91 | £860 | £358 |
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1991-92Details for 1991-92 | £721 | £319 |
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1992-93Details for 1992-93 | £727 | £330 |
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1993-94Details for 1993-94 | £772 | £360 |
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1994-95Details for 1994-95 | £856 | £406 |
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1995-96Details for 1995-96 | £943 | £462 |
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1996-97Details for 1996-97 | £955 | £483 |
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1997-98Details for 1997-98 | £1,004 | £509 |
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1998-99Details for 1998-99 | £977 | £503 |
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1999-00Details for 1999-00 | £831 | £433 |
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2000-01Details for 2000-01 | £860 | £452 |
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2001-02Details for 2001-02 | £716 | £384 |
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2002-03Details for 2002-03 | £668 | £366 |
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2003-04Details for 2003-04 | £978 | £548 |
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2004-05Details for 2004-05 | £1,052 | £607 |
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2005-06Details for 2005-06 | £1,088 | £646 |
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2006-07Details for 2006-07 | £1,146 | £700 |
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2007-08Details for 2007-08 | £1,215 | £757 |
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2008-09Details for 2008-09 | £1,227 | £793 |
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2009-10Details for 2009-10 | £1,087 | £712 |
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2010-11Details for 2010-11 | £1,372 | £913 |
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2011-12Details for 2011-12 | £1,397 | £950 |
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2012-13Details for 2012-13 | £1,269 | £877 |
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2013-14Details for 2013-14 | £1,235 | £872 |
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2014-15Details for 2014-15 | £1,161 | £831 |
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2015-16Details for 2015-16 | £1,170 | £843 |
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2016-17Details for 2016-17 | £1,179 | £867 |
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2017-18Details for 2017-18 | £1,254 | £934 |
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2018-19Details for 2018-19 | £1,115 | £849 |
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2019-20Details for 2019-20 | £1,060 | £828 |
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2020-21Details for 2020-21 | £771 | £634 |
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2021-22Details for 2021-22 | £1,316 | £1,085 |
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2022-23Details for 2022-23 | £2,185 | £1,928 |
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2023-24Details for 2023-24 | £2,000 | £1,858 |
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2024-25Details for 2024-25 | £1,889 | £1,826 |
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2025-26Details for 2025-26 | £1,875 | £1,875 |
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Figure as of 16 July 2026. Source: HM Treasury, HM Treasury, HM Treasury, HM Treasury, Office for Budget Responsibility.
Source: HM Treasury, PESA 2026: chapters 4 and 5 tables, published 16 July 2026; HM Treasury, PESA 2021: chapter 4 and 5 tables; HM Treasury, PESA 2016: chapter 4 and 5 tables; HM Treasury, PESA 2011: chapter 4 and 5 tables; Office for Budget Responsibility, Historical public finances database.
How big a share it takes
Share of GDP uses HM Treasury’s money GDP; share of spending divides by total managed expenditure, which is published from 1988-89.
The numbers behind this chart
| Year | % of GDP | % of total managed expenditure |
|---|---|---|
1955-56Details for 1955-56 | 3.7% | — |
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1956-57Details for 1956-57 | 3.5% | — |
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1957-58Details for 1957-58 | 3.2% | — |
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1958-59Details for 1958-59 | 3.4% | — |
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1959-60Details for 1959-60 | 3.2% | — |
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1960-61Details for 1960-61 | 3.3% | — |
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1961-62Details for 1961-62 | 3.3% | — |
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1962-63Details for 1962-63 | 3.1% | — |
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1963-64Details for 1963-64 | 3.0% | — |
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1964-65Details for 1964-65 | 2.8% | — |
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1965-66Details for 1965-66 | 2.7% | — |
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1966-67Details for 1966-67 | 2.7% | — |
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1967-68Details for 1967-68 | 2.7% | — |
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1968-69Details for 1968-69 | 2.8% | — |
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1969-70Details for 1969-70 | 2.6% | — |
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1970-71Details for 1970-71 | 2.3% | — |
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1971-72Details for 1971-72 | 2.3% | — |
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1972-73Details for 1972-73 | 2.3% | — |
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1973-74Details for 1973-74 | 2.3% | — |
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1974-75Details for 1974-75 | 2.3% | — |
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1975-76Details for 1975-76 | 2.4% | — |
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1976-77Details for 1976-77 | 2.7% | — |
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1977-78Details for 1977-78 | 2.8% | — |
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1978-79Details for 1978-79 | 2.9% | — |
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1979-80Details for 1979-80 | 3.0% | — |
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1980-81Details for 1980-81 | 3.2% | — |
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1981-82Details for 1981-82 | 3.6% | — |
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1982-83Details for 1982-83 | 3.7% | — |
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1983-84Details for 1983-84 | 3.6% | — |
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1984-85Details for 1984-85 | 3.9% | — |
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1985-86Details for 1985-86 | 3.8% | — |
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1986-87Details for 1986-87 | 3.7% | — |
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1987-88Details for 1987-88 | 3.6% | — |
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1988-89Details for 1988-89 | 3.5% | 10.6% |
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1989-90Details for 1989-90 | 3.3% | 9.9% |
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1990-91Details for 1990-91 | 3.0% | 9.0% |
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1991-92Details for 1991-92 | 2.6% | 7.2% |
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1992-93Details for 1992-93 | 2.6% | 6.9% |
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1993-94Details for 1993-94 | 2.7% | 7.3% |
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1994-95Details for 1994-95 | 2.9% | 7.9% |
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1995-96Details for 1995-96 | 3.1% | 8.6% |
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1996-97Details for 1996-97 | 3.0% | 8.9% |
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1997-98Details for 1997-98 | 3.1% | 9.2% |
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1998-99Details for 1998-99 | 2.9% | 8.9% |
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1999-00Details for 1999-00 | 2.4% | 7.4% |
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2000-01Details for 2000-01 | 2.4% | 7.3% |
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2001-02Details for 2001-02 | 2.0% | 5.8% |
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2002-03Details for 2002-03 | 1.8% | 5.2% |
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2003-04Details for 2003-04 | 2.6% | 6.6% |
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2004-05Details for 2004-05 | 2.7% | 6.8% |
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2005-06Details for 2005-06 | 2.7% | 6.9% |
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2006-07Details for 2006-07 | 2.9% | 7.2% |
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2007-08Details for 2007-08 | 3.0% | 7.4% |
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2008-09Details for 2008-09 | 3.1% | 7.1% |
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2009-10Details for 2009-10 | 2.8% | 6.2% |
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2010-11Details for 2010-11 | 3.5% | 7.7% |
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2011-12Details for 2011-12 | 3.6% | 8.1% |
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2012-13Details for 2012-13 | 3.2% | 7.4% |
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2013-14Details for 2013-14 | 3.1% | 7.3% |
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2014-15Details for 2014-15 | 2.8% | 6.8% |
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2015-16Details for 2015-16 | 2.8% | 6.9% |
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2016-17Details for 2016-17 | 2.8% | 7.0% |
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2017-18Details for 2017-18 | 2.9% | 7.3% |
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2018-19Details for 2018-19 | 2.6% | 6.6% |
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2019-20Details for 2019-20 | 2.4% | 6.2% |
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2020-21Details for 2020-21 | 2.0% | 3.8% |
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2021-22Details for 2021-22 | 3.0% | 7.0% |
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2022-23Details for 2022-23 | 5.0% | 11.2% |
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2023-24Details for 2023-24 | 4.6% | 10.3% |
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2024-25Details for 2024-25 | 4.3% | 9.8% |
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2025-26Details for 2025-26 | 4.2% | 9.6% |
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Figure as of 16 July 2026. Source: HM Treasury, HM Treasury, HM Treasury, HM Treasury, Office for Budget Responsibility.
Where it is projected to go
A projection under the OBR’s assumptions, not a forecast of what governments will do. Net interest is interest paid less interest received, so it is lower than the gross figures above.
The numbers behind this chart
| Year | Net interest, % of GDP |
|---|---|
| 2025-26 | 3.0% |
| 2030-31 | 3.1% |
| 2035-36 | 3.8% |
| 2045-46 | 5.0% |
| 2055-56 | 6.5% |
| 2065-66 | 8.7% |
| 2075-76 | 12.2% |
Figure as of 7 July 2026. Source: Office for Budget Responsibility.
More on the long-term pressures on the public finances: the long-term outlook.
Where the money goes, level by level
- UK total (this level)
- Nation not published
- Department or service body
- Local body not published
- Spending category not published
- Line or transaction not published
Debt interest, United Kingdom
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.
£130.3bn in 2025-26 (cash); £130.3bn in 2025-26 prices; £1,875 per resident; +3.0% on a year earlier in cash, −0.4% in real terms.
| Department or service body | Cash, 2025-26 | Real terms (2025-26 prices) | Per resident | Real change on a year earlier | Source | Below this |
|---|---|---|---|---|---|---|
Central government debt interestDetails for Central government debt interest | £96.9bn | £96.9bn | £1,395 | +9.8% | HM Treasury | Local body not published: 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. |
| ||||||
Interest on public service pension liabilitiesDetails for Interest on public service pension liabilities | £19.4bn | £19.4bn | £279 | +0.1% | HM Treasury | Local body not published: Not broken down further in PESA. |
| ||||||
Bank of EnglandDetails for Bank of England | £12.3bn | £12.3bn | £178 | −42.7% | HM Treasury | Local body not published: Not broken down further in PESA. |
| ||||||
Local government debt interestDetails for Local government debt interest | £1.1bn | £1.1bn | £16.29 | −0.3% | HM Treasury | Local body not published: Not broken down further in PESA. |
| ||||||
Public corporation debt interestDetails for Public corporation debt interest | £502m | £502m | £7.22 | +1.3% | HM Treasury | Local body not published: Not broken down further in PESA. |
| ||||||
Cash is as published. Real terms are in 2025-26 prices, using HM Treasury’s GDP deflator. Per resident divides by ONS mid-year population for the area the body serves. Changes compare the same body in consecutive years.
What these figures do and don't show
- Gross, not net. The main figures are interest paid; the OBR projection is net of interest received.
- Pension interest is included. HM Treasury’s debt interest heading includes the notional interest on unfunded public service pensions; it is shown separately in the drill-down.
- The long run joins sources. Before 1988-89 the series is the OBR’s historical database, on a cash basis before 1998-99.
- Not split by nation, because the debt is the UK’s.
Figures from data/services/debt-interest.json, generated 29 September 2026.
Use this data
The figures belong to the bodies that published them and are used under their terms, listed in Sources for this page; most are Crown copyright under the Open Government Licence. Only our own words, analysis, charts and derived calculations are ours, published under CC BY 4.0: reuse them, including commercially, if you credit Tekstak Ltd and link back to this page.
Download
Sources for this page
| Source | Publisher | Figures as of | Updated | Licence |
|---|---|---|---|---|
| PESA 2026: chapters 4 and 5 tables | HM Treasury | 16 July 2026 | annual | Open Government Licence v3.0 |
| PESA 2021: chapter 4 and 5 tables | HM Treasury | — | annual | Open Government Licence v3.0 |
| PESA 2016: chapter 4 and 5 tables | HM Treasury | — | annual | Open Government Licence v3.0 |
| PESA 2011: chapter 4 and 5 tables | HM Treasury | — | annual | Open Government Licence v3.0 |
| Historical public finances database | Office for Budget Responsibility | — | annual | Open Government Licence v3.0 |
| Fiscal risks and sustainability, July 2026 | Office for Budget Responsibility | 7 July 2026 | annual | Open Government Licence v3.0 |
Each source's figures are used under the licence shown. Our own words, analysis, charts and derived calculations are ours, under CC BY 4.0.