Fact check: UK borrowing has fallen below 5% of GDP multiple times since 2019

Chancellor Rachel Reeves said in Parliament last week: “Borrowing has fallen below 5% for the first time since 2019 because of the actions that I have taken as Chancellor.”

Ms Reeves made a similar comment in late April, telling MPs: “Our borrowing as a share of GDP fell to 4.3% in the last financial year and is due to fall in every single year of this Parliament. This is the first time that our deficit has been lower than 5% since 2019.”

Evaluation

Government figures show UK borrowing was 4.2% of gross domestic product (GDP) in the 2025/26 fiscal year – the lowest figure since the 2.6% recorded in 2019/20. This is a revised figure. When Ms Reeves spoke in April it was estimated at 4.3%.

However, the data also show the recent figure is not the first time since 2019 that it fell below 5%, with UK borrowing at 4.8% of GDP in both 2022/23 and 2023/24.

The facts

The most recent Office for National Statistics (ONS) report on public sector finances was updated on Friday, after Ms Reeves made her comments.

It showed UK borrowing as a proportion of GDP stood at 4.2% in the year ending March 2026 – a revision from the previous update, which put borrowing at 4.3% of GDP.

The level of borrowing fell one percentage point from 5.2% in 2024/25. The ONS added it is the lowest rate since 2019/20, when borrowing stood at 2.6% of GDP.

After 2019/20, the level of borrowing jumped to 14.7% amid the Covid-19 pandemic, before falling to 5.0% in 2020/21.

It then fell below 5%, reaching 4.8% in both 2022/23 and 2023/24 – contrary to Ms Reeves’ statement.

The links

Hansard – Middle East: Economic Response (archived)

Hansard – Topical Questions, Tuesday April 28 2026 (archived)

Office for National Statistics – Public sector finances, UK: April 2026 (archived)

Office for National Statistics – Public sector finances, UK: March 2026 (archived)