Office for Budget Responsibility Fiscal Risks and Responsibilities Report
09/07/2025
The UK’s public finances have emerged from a series of shocks in a “relatively vulnerable position.” At the end of 2024, the UK had one of the largest budget deficits among advanced economies, at 5.7 per cent of GDP. UK government debt stands at 94 per cent of GDP, and underlying public debt is at its highest level since the early 1960s. The UK’s ability to respond to future shocks has been substantially eroded, at a time when public expectations of what government should do in these scenarios seems to be rising. There are also signs that the scale of borrowing in the UK and other advanced economies is putting global sovereign debt markets under pressure. Successive fiscal rules have been set and then loosened or abandoned, with planned tax rises and spending reductions shelved, meaning that efforts to put the UK public finances on a more sustainable footing have seen only “limited and temporary success.”
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