---

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

On 28 October, the OBR published new forecasts for the public finances. The OBR forecasts that government borrowing will decrease from £134 billion in 2025/26 to £67 billion by 2030/31 before increasing to £68 billion in the final year of the OBR’s current forecast period (2031/32).

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

Government debt

Government debt was equivalent to 93.2% of GDP at the end of 2025/26. The OBR forecasts that government debt will increase to 97.3% at the end of 2028/29. It will then fall to around 95.6% of GDP at the end of 2031/32.

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 81.4% of GDP at the end of 2025/26. The OBR forecasts that PSNFL will increase to 83.8% of GDP by the end of 2028/29. It is then forecast to fall to 81.7% of GDP by 2031/32.

Sources: ONS series HF6X, CPOE

Sources: ONS series 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, spring 2027

• ONS, Public sector finances, 20 November 2026