Government net lending/borrowing in United Kingdom

International Monetary Fund · Annual · Importance

IMF forecast (WEO): 2026: -3.9% 2027: -3.1% 2028: -2.6% 2029: -2.0% 2030: -1.7% 2031: -1.6%

0.8 (1999) ANUAL · % of GDP · Annual · CSV

Period	% of GDP
Jan 1999	0.8
Jan 1998	-0.2
Jan 1997	-2.0
Jan 1996	-3.6
Jan 1995	-5.0
Jan 1994	-5.7
Jan 1993	-6.6
Jan 1992	-5.4
Jan 1991	-2.8
Jan 1990	-1.5

About this indicator

Source

International Monetary Fund

Frequency

Annual

Release

Published annually (with quarterly advance estimates in some economies), subject to revision with the national accounts.

What it is

The UK's government deficit is the shortfall in the public sector accounts when spending exceeds revenue over a period; when revenue exceeds spending it is a surplus. It is usually expressed as a share of GDP.

How it's calculated

The ONS compiles it as public sector net borrowing: the gap between the general government's non-financial revenue and spending, under national accounting standards. The balance is expressed relative to GDP to obtain the ratio.

Market implications

The deficit drives the UK Treasury's gilt issuance and the path of public debt, and it shapes the Government's budget plans. It is a key gauge for the gilt market and rating agencies.

Limitations

It is a monthly figure prone to heavy revisions and marked seasonality (tax receipts, inflation-linked interest payments). It is worth distinguishing the overall balance from the primary balance and from the cyclical component tied to the economic cycle.