UK government debt and deficit: March 2023

• UK general government gross debt was £2,537.0 billion at the end of Quarter 1 (Jan to Mar) 2023, equivalent to 100.5% of gross domestic product (GDP).

• UK general government deficit (or net borrowing) was £24.4 billion in Quarter 1 2023, equivalent to 3.8% of GDP.

• The general government gross debt and deficit figures published here (for 1997 onwards) are fully consistent with those published in our Public sector finances, UK: May 2023 statistical bulletin, published on 21 June 2023.

Financial year and calendar year data for general government debt can be found in our government deficit and debt return.

Latest comparison with the EU member states

Latest comparison with G7 member states

An international comparison of general government gross debt as a percentage of GDP can be found in our general government debt and deficit as percentage of GDP - Annex A.

Financial year and calendar year data for general government deficit can be found in our government debt and deficit return.

Latest comparison with the EU member states

Latest comparison with G7 member states

An international comparison of general government deficit as a percentage of GDP can be found in our general government debt and deficit as percentage of GDP - Annex A.

General government

UK general government consists of two sub-sectors: central government and local government.

Debt

Debt represents the cumulative amount the general government sector owes to organisations in other UK sectors and overseas institutions, which is largely a result of government financial liabilities on the bonds (gilts) and Treasury bills it has issued.

Deficit

Deficit (or net borrowing) measures the gap between total revenue and total spending. Following international convention, in this publication a negative value indicates borrowing while a positive value indicates a surplus. However, in the UK monthly public sector finance publication this is presented in reverse, where a negative value indicates a deficit.

Our UK government debt and deficit statistical bulletin is published quarterly in January, April, July and October each year. This coincides with the publication of equivalent data for EU member states.

Revisions since previous publication

The revisions between releases are usually the result of improved departmental (and other government bodies') data replacing previous estimates.

Our Government debt and deficit return table presents the revisions to our main aggregates since the last publication of the UK government debt and deficit return (published on 28 April 2023). These revisions are consistent with revisions incorporated within our May 2023 Public sector finances statistical bulletin.

Our public sector finances revisions policy provides information on when users of the statistics published in the Public sector finances and in our UK government debt and deficit statistical bulletins should expect to see methodological and data-related revisions.

To supplement this release, we publish an accompanying methodological guide and Quality and Methodology Information outlining the strengths, limitations, and appropriate uses of government finance statistics.

Comparability with monthly public sector finances

The general government debt and deficit figures published in this statistical bulletin (for the time period 1997 onwards) are fully consistent with those published in our Public sector finances, UK: May 2023 statistical bulletin on 21 June 2023.

There are two main differences between the headline debt and deficit measures published in the public sector finances and those published in this bulletin.

Firstly, this bulletin includes only the debt and deficit of central and local government bodies. The public sector finances' measures also include the debt and deficit of other public sector bodies, including public non-financial corporations and the Bank of England.

Secondly, this bulletin reports gross debt, while the focus of the public sector finances is net debt. Gross debt represents only the financial liabilities (debt securities, loans and deposits) of central and local government, while net debt deducts any liquid assets (official reserve assets and other cash or cash-like assets) from these financial liabilities.

Comparability with gross domestic product (GDP)

GDP data at market prices used to calculate government gross debt and deficit as a ratio of GDP are fully consistent with those published in our GDP quarterly national accounts, UK: January to March 2023 on 30 June 2023.

Comparability with EU member states

The general government debt and deficit figures used in the comparison of each of the 27 member states are fully consistent with those published in the Eurostat Government Finance Statistics - quarterly data: Quarter 1 2023 on 21 July 2023.

Comparability with G7 member states

The general government debt and deficit figures used in the comparison of G7 member states are fully consistent with those published in the International Monetary Fund's World Economic Outlook on 11 April 2023.