Reform UK’s deputy leader has identified the date he thinks Britain’s total national debt is “likely” to hit £3trillion. Richard Tice identified December 26 as the day when the milestone could be reached as he accused Chancellor Rachel Reeves and Prime Minister Sir Keir Starmer of losing control of the public finances.
Mr Tice said public spending was out of control and only Reform UK can “save” Britain in his response to the latest Government borrowing figures published on Tuesday (October 21). Britain’s national debt ballooned from £1.17tn in 2010/11 to £2.81tn in 2024/24, according to official figures.
Reform’s second in command said total national debt has since risen to £2.92tn after the Office for National Statistics said on Tuesday that public sector net borrowing rose to £20.2billion in September.
It marked the highest level for the month in five years and piled more pressure on the Chancellor as she battles to balance the UK’s books.
According to the Office for Budget Responsibility (OBR), Britain’s “challenging” fiscal position has been fuelled by the cost of support during the Covid pandemic and energy crisis, “persistent” government deficits, sluggish economic growth and higher interest rates on UK public debt.
Britain’s debt-to-GDP figure is also among the highest in the world at 100.72%, figures from the International Monetary Fund (IMF) show.
This compares to 102.69% in the US, 101.54% in Portugal, 200.93% in Japan, 132.5% for Italy and 169.99% for Greece, according to the IMF.
A provisional estimate of UK public sector net debt excluding public sector banks calculated by the ONS at 95.3% of GDP at the end of September this year.
In response to September’s borrowing figures, Chief Secretary to the Treasury, James Murray, said the Government would “never play fast and loose” with the public finances.
He said: “We know that when you lose control of the public purse it’s working people who pay the price. That’s why we plan to bring down borrowing and, according to IMF data, are set to deliver the largest primary deficit reduction in both the G7 and G20 over the next five years.
“We are cutting waste, improving efficiency and transforming our public services for the future so that we can be rid of costly debt interest, instead putting that money into our NHS, schools and police.”
Conservative MP Sir Mel Stride described Ms Reeves as a “spend now, tax later” chancellor. The Shadow Chancellor said: “While the Chancellor talks of ‘stability’, she’s presiding over spiralling welfare, soaring debt and the threat of higher taxes on working families.
“Labour’s ‘Spend Today, Tax Tomorrow’ plan is reckless and unsustainable. Britain can’t afford it. We need sound money, welfare reform and growth – not more borrowing and broken promises.”
Reform UK was approached for clarification on how the date identified by Mr Tice was reached.