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

The government borrowed £130 billion in the financial year to December 2024. This was £9 billion more than during the same three-quarters of the previous financial year and £4 billion more than the OBR forecast in October 2024.

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

Government debt

Public sector net debt (PSND) was equivalent to 97.2% of GDP at the end of December 2024. It was 96.9% of GDP at the end of December 2023.

Public sector net financial liabilities (PSNFL) is a measure of the government’s wider balance sheet. It is one of the measures the government is targeting in its fiscal rules. PSNFL was equivalent to 84.5% of GDP at the end of December 2024. It was 82.6% at the end of December 2023.

sources: ONS series HF6X, CPOE

sources: J5II; J5IJ; HF6X; CPOE; OBR. Public finances databank – December 2024

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.

Further information

You can find all of the Library’s research on Autumn Budget 2024 in one place.

Next updates

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

• OBR, Economic and fiscal outlook, 26 March 2025

• ONS, Public sector finances, 21 February 2025