Public finances: Economic indicators

Economic indicators are quick-read summaries of the latest data focusing on different aspects of the UK economy. The full suite of indicators can be found on the main Economic Indicators page.

Government borrowing

Borrowing in the first two month of 2025/26 was £37.7 billion. This is £1.6 billion more than during the same period of 2024/25 but £2.9 billion less than the Office for Budget Responsibility forecast in March 2025.

sources: ONS series J5II, J5IJ; OBR. Public finances databank

Government debt

Public sector net debt (PSND) was equivalent to 96.4% of GDP at the end of May 2025. It was 95.9% of GDP at the end of May 2024.

Public sector net financial liabilities (PSNFL) measure the government’s wider balance sheet. It is one of the measures targeted in the government’s fiscal targets. PSNFL was equivalent to 83.9% of GDP at the end of May 2025. It was 81.4% of GDP at the end of May 2024.

sources: ONS series HF6X, CPOE

sources: J5II; J5IJ; HF6X; CPOE; OBR. Public finances databank – March 2025

Definitions and notes

The ONS’s figures for 2023/24 and 2024/25 are provisional: they’re not final figures and may be revised as provisional data are replaced with final audited data.

Net borrowing – often described as the deficit – is the difference between what the government spends and what it receives in taxes over a particular time period.

Net debt is the total amount that the public sector owes – it is largely the stock of past borrowing.

Net financial liabilities is a wider measure of the government’s balance sheet including more financial liabilities and assets 

All figures exclude public sector banks.

Next updates

This page is updated when new data is published. The next source updates will be:

• OBR, Economic and fiscal outlook, autumn 2025

• ONS, Public sector finances, 22 July 2025