Gilt yields near 2008 highs as Iran crisis reprices BoE expectations
Borrowing costs across the curve
Tracking benchmark gilt yields at 2-year, 5-year, 10-year and 30-year maturities alongside the Bank of England base rate. The chart extends from January 2024 to the present week.
Public sector net debt
Total outstanding debt and the debt-to-GDP ratio, showing how two decades of crisis spending have transformed the UK's balance sheet.
The deficit trajectory
Annual public sector net borrowing — the flow that feeds the stock of debt. Two crisis spikes dominate: the GFC peak of £158bn in 2009/10, and the COVID peak of £317bn in 2020/21.
The cost of servicing the debt
The annual interest bill — gross and net of QE effects. The explosion from ~£40bn to £114bn reflects higher base rates feeding through to floating-rate reserve liabilities and RPI-linked gilt coupons spiking with inflation.
Where the money goes
Central government current expenditure breakdown for the financial year to date, showing debt interest as a share of total spending.
Full historical data
Key fiscal aggregates for every financial year since 2006/07.
| FY | Borrowing £bn | Net debt £bn | Debt/GDP % | Gross interest £bn | Net interest £bn |
|---|