UK National Debt Tops £3 Trillion for First Time Ahead of Healey Budget

Britain's national debt exceeded £3 trillion for the first time, reaching £3.005 trillion in September, the Office for National Statistics said, underscoring pressure on public finances ahead of Chancellor John Healey's Budget. September borrowing hit £24.5 billion, with debt equal to 94% of GDP and more than £100,000 per household. Debt has risen 50% since first surpassing £2 trillion in June 2020, driven by surging borrowing costs tied to the war in Iran. Borrowing in the fiscal year to September totaled £97.8 billion, £6 billion above the Office for Budget Responsibility's forecast. Debt interest alone cost £10.9 billion in September, the highest for that month since records began in 1997 and £1.6 billion more than in September 2025. Healey, who has pledged "fiscal discipline," is expected to raise taxes rather than address the welfare bill. Capital Economics' Ruth Gregory called the figures "a dismal picture."