What is the national debt?
The national debt is the total amount of money the UK government owes. It builds up over many years whenever the government spends more than it raises in tax. At the end of August 2026, UK public sector net debt was about £2,986 billion, or 93.8% of GDP.
The government borrows mainly by selling bonds called gilts to pension funds, banks and other investors. Each year's deficit adds to the debt. The main measure is public sector net debt, which takes off some cash and liquid assets the state holds. At the end of August 2026 it was provisionally £2,985.5 billion, or 93.8% of GDP. Debt rose sharply after the 2008 financial crisis and again during Covid. Debt is compared with GDP because a bigger economy can carry a bigger debt. Borrowing is not always bad: it can pay for roads, schools and crisis support. But the government must pay interest on the debt, and that money cannot be spent on public services. High debt can also leave less room to respond to the next crisis.
The left often argues that borrowing to invest is sensible and that cutting services to reduce debt can harm growth.
The right often argues that high debt is a burden on future generations and that spending should be cut to bring it down.
Britain is split. Now you decide.
Run a full term in WeDecide and every pound you borrow adds to the debt and to the interest bill you must pay.
Play WeDecide freeCommon questions
Who does the UK owe money to?
Mostly to UK pension funds, insurers, banks and overseas investors who hold gilts. The Bank of England also holds some from its quantitative easing programme.
Is the national debt the same as the deficit?
No. The deficit is how much the government borrows in one year. The debt is the total built up over time.