Higher borrowing costs are pushing up debt as a share of the UK economy

Underlying debt as % of GDP

OBR March 2023

OBR March 2022

OBR March 2023, updated market expectations

Citi, IFS

Citi, IFS upside

100%

95

90

85

80

75

2020-21

2023-24

2025-26

2027-28

OBR March 2023

OBR March 2023, updated market expectations

OBR March 2022

Citi, IFS

Citi, IFS upside

100%

95

90

85

80

75

2021-22

2022-23

2023-24

2024-25

2025-26

2026-27

2027-28