Question to the HM Treasury:

To ask His Majesty's Government what are the current levels of (1) personal, (2) national, debt in the United Kingdom.

The Government regularly engages with the Bank of England, the Financial Conduct Authority (FCA) and the Money and Pensions Service (MaPS) to monitor personal finances and debt levels. According to the Bank of England’s Financial Policy Committee in its November 2024 Financial Stability Report, household debt as a share of income fell to 130% in Q2 2024 from 132% at the end of 2023, and borrowers slightly increased their aggregate savings buffers in 2024 making them more resilient to potential economic shocks. The Money and Pensions Service conducts an annual survey of people in financial difficulty in the UK. The results of their latest survey were published on 29 February 2024.

As of December 2024, Public Sector Net Debt (PSND) was 97.2% of GDP. Net financial debt (PSNFL), the measure targeted by the Government’s fiscal rule, was 84.5%.