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 £129 billion during 2025/26, according to the ONS’s second estimate. This is £23 billion less than during 2024/25 and around £4 billion less than the OBR forecast in March 2026.

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

Government debt

Public sector net debt (PSND) was equivalent to 94.2% of GDP at the end of April 2026. It was 93.7% of GDP at the end of April 2025.

Public sector net financial liabilities (PSNFL) measure the government’s wider financial balance sheet. It is a measure targeted in the government’s fiscal targets. PSNFL was equivalent to 83.6% of GDP at the end of April 2026. It was 81.6 % of GDP at the end of April 2025.

sources: ONS series HF6X, CPOE

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

Definitions and notes

The ONS’s figures for 2025/26 and 2026/27 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 2026

• ONS, Public sector finances, 19 June 2026