What is public sector net debt?
Public sector net debt, or PSND, is the official measure of UK government debt. It is the total the public sector owes, minus the cash and easy-to-sell assets it holds. At the end of August 2026 it was about £2,986 billion, equal to 93.8% of GDP.
The ONS publishes public sector net debt every month. It covers central government, local councils and public corporations. The headline figure leaves out the state-owned banks bailed out in 2008. At the end of August 2026 it stood at £2,985.5 billion, or 93.8% of GDP. That share was 1.3 percentage points lower than a year earlier. Without the Bank of England's effect, the figure was about £2,870 billion. Debt is shown as a share of GDP so it can be compared over time and with other countries. Fiscal rules often aim to get some measure of debt falling as a share of GDP. Chancellors sometimes switch between measures, which can change how much room they appear to have. It is the figure most often quoted in the news as 'the national debt'.
The left often argues the focus should be on what borrowing buys, such as homes or energy, not just the headline debt.
The right often sees getting debt down as a share of GDP as a basic test of responsible government.
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Why is debt measured as a share of GDP?
It shows how big the debt is compared with the whole economy, which is a better guide to whether it is affordable.
Is there another measure of debt?
Yes. Public sector net financial liabilities counts a wider range of assets and debts, and some fiscal rules use it.