DebtWatch library
Articles
Source-led explainers that connect the live dashboard to the underlying fiscal story.
Income tax vs benefits
Rolling 12-month totals to Feb 2026.
Temporary placeholder: this article stub will be expanded into a full DebtWatch explainer.
The UK's welfare bill has overtaken its main tax base
The UK now spends more on benefits than it raises from income tax. This article explains how that shift happened, what it reveals about the structure of the public finances, and why it matters for borrowing, growth, and long-term fiscal sustainability.
Read full articleDebt-to-GDP
95.0%
2025Share of debt relative to the economy.
The ratio that tries to put debt in context
How debt-to-GDP works
Debt-to-GDP compares the size of public debt with the size of the economy. It is widely used because it shows the burden of debt relative to national income.
Read full article10-year gilt yield
4.9%
Recent riseUK borrowing costs have moved sharply higher over the past few years.
Why servicing the national debt suddenly costs much more
Debt interest explained
Gilt yields show the interest rate investors demand to lend to the UK government - and they have risen sharply in recent years. As yields move, they signal how markets view inflation, growth, and the credibility of the UK's finances. They are not set by government, but by investors deciding what it is worth to lend.
Read full articleReceipts vs spending
£138bn
2025-26Spending has stayed above receipts, leaving a borrowing gap to fund.
The spending side of the budget in one view
Where government money goes
Public spending is concentrated in a few very large areas: welfare, health, education and the wider day-to-day running of the state.
Read full articleHousehold vs government debt
A structural dependence on debt now shapes both households and the state.
Prosperity comes from growth, not borrowing — and the balance has shifted too far.
Borrowing over time
Borrowing is the yearly gap between what the government spends and what it raises. It rises in recessions, crises and when policy choices widen the budget gap. Over time, these shortfalls accumulate into a growing national debt — one that shapes the economy, influences policy decisions, and raises questions about long-term sustainability
Read full articleUK vs peer yields
4.5%
Dec 2025UK yields have risen above the G7 average as borrowing conditions tightened.
The market price of government borrowing
Why gilt yields matter
What are gilt yields and why do they matter? A clear guide to UK government bond yields, borrowing costs, mortgages, inflation and the wider economy.
Read full article