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Qabil Ashirov

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The United Kingdom’s national debt has exceeded £3 trillion for the first time in history, reaching a record £3.005 trillion in September.

Data released by the UK’s Office for National Statistics (ONS) show that the rising debt burden is intensifying pressure on public finances ahead of the government’s budget presentation next week.

One of the key factors behind the faster-than-expected increase in government borrowing has been rising borrowing costs amid the ongoing war in Iran.

The conflict has triggered a crisis in energy markets, contributing to higher inflation. Annual inflation rose to 3.5% in September, up from 3.1% in August, reaching its highest level of the year.

According to the ONS, the UK government borrowed £24.5 billion in September to cover the gap between tax revenues and public expenditure.

The country’s national debt currently stands at approximately 94% of gross domestic product (GDP). This is equivalent to more than £100,000 in government debt for every household in the UK.

The UK’s national debt first exceeded £1 trillion in February 2010. It subsequently surpassed £2 trillion in June 2020, during the COVID-19 pandemic.

The increase from £2 trillion to £3 trillion has taken just six years, highlighting the sustained pressure on the country’s public finances.