Britain’s net government debt has surged from 30.4% of GDP in 2001 to 95.5% in 2026, the steepest rise among major economies except Botswana, according to International Monetary Fund data. The climb reflects years of pandemic‑era borrowing, higher interest costs and a series of fiscal choices that have left the Treasury grappling with record‑high debt service payments.

IMF data shows a 65‑point jump for the UK, second only to Botswana’s 167‑point surge

The IMF’s long‑run series reveals that the United Kingdom’s debt‑to‑GDP ratio increased by 65 percentage points between 2001 and 2026, placing it just behind Botswana, which moved from a -121.9% surplus to a 45.2% deficit in the same period. The African nation’s outlier status is linked to a collapse in diamond revenues as lab‑grown stones erode market share.

April 2024 borrowing hits £4.9 billion above a year earliier, the second‑highest on record

Office for National Statistics figures released last month show that government borrowing in April rose by £4.9 billion compared with April 2023, a level only eclipsed during the height of the Covid pandemic.. The same report notes that interest payments on gilts reached a record £10.3 billion in April, up £0.9 billion from the previous year as inflation‑linked debt costs climbed.

Political backlash: Tory and Reform UK MPs blame Labour for “edge of bankruptcy”

Senior Tory MP Mel Stride warned that “ordinary families” bear the brunt of soaring debt and interest bills, calling for urgent action from Chancellor Rachel Reeves. Reform UK’s Treasury spokesman Robert Jenrick added that successive Labour and Conservative governments have driven the UK to “the edge of bankruptcy” by failing to curb spending, noting that debt servicing now exceeds the combined education and defence budgets.

Fiscal forecasts promise a slowdown in borrowing from 2025‑2030

The Treasury argues that the UK is set to reduce borrowing more than any other G7 nation between 2025 and 2030, citing a recent forecast that this year marks the first time since 2004 the country will borrow less than the G7 average.. A Treasury spokesperson highlighted a £20 billion reduction in borrowing last year as evidence that the current economic plan is working.

Unanswered: Will the UK’s debt trajectory reverse before the next election?

Analysts still question whether the projected slowdown in borrowing will materialise amid lingering inflation pressures and potential fiscal shocks. The IMF data stops at 2026, leaving a gap in understanding how post‑pandemic policy shifts will affect the debt path beyond that point.