Historical timeline

Event markers

• 1816 Post-Napoleonic debt peak: After two decades of war (ending at Waterloo in 1815), government debt peaked at around 200% of GDP, among the highest ratios in British history, surpassed only after the Second World War.
• 1918 First World War ends: Borrowing to fund the war pushed debt sharply higher, reshaping public finances for a generation.
• 1945 Second World War ends: Debt peaked at well over 200% of GDP. It then fell over several decades as the economy grew.
• 1976 1976 IMF loan: Facing a sterling crisis, the UK borrowed from the International Monetary Fund, a notable moment in 1970s economic difficulty.
• 2008 Global financial crisis: A banking crisis and recession raised borrowing and debt as tax revenue fell and support measures were funded.
• 2020 COVID-19 pandemic: Emergency support for households and businesses, alongside a fall in the economy, pushed borrowing to peacetime records.
• 2022 Interest rates rise: Higher inflation and interest rates increased the cost of servicing debt, including index-linked gilts.