UK net debt passes £3 trillion for the first time as September borrowing reaches £24.5bn

Three trillion pounds. Public sector net debt in the UK was provisionally estimated at £3,005.0bn at the end of September, the first time it has passed that mark, the Office for National Statistics said on Wednesday. Debt first exceeded £2 trillion in June 2020 and £1 trillion in February 2010.

Measured against the economy, the burden eased. Net debt was 94.0 percent of GDP, 0.7 percentage points lower than a year earlier.

The public sector borrowed £24.5bn in September, £1.8bn more than a year earlier and £1.9bn above the Office for Budget Responsibility forecast, the second-highest September on record after 2020. Central government receipts rose to £90.1bn from £85.6bn, helped by income-related taxes, but spending rose faster. Debt interest payable was £10.9bn, up 16.6 percent and £2.0bn above forecast.

For the financial year to September, borrowing was £97.8bn. That is £4.4bn less than a year earlier and £6.0bn more than the official forecast.

The statistics office says the £3 trillion figure is provisional and may be revised. The next release is due on November 20.