The UK’s public sector net debt as a percentage of GDP stood at approximately 94.8% for the fiscal year ending March 2025, with the latest monthly figure at 95.6% in November 2025. In comparison, Ireland’s general government gross debt was 38.77% of GDP in 2024, forecasted to decline to 33% in 2025. 40 This makes the UK’s debt ratio roughly 2.5 times higher than Ireland’s on a nominal GDP basis.
In absolute terms, the UK’s debt is around £2.93 trillion (approximately $3.73 trillion), while Ireland’s is about €215 billion (approximately $236 billion). Debt per capita is higher in the UK at around €49,946 ($54,045) compared to Ireland’s €39,593 ($43,398). 21 However, Ireland’s GDP is inflated by multinational corporations’ activities, so an alternative measure—debt as a percentage of gross national income (GNI)—provides a more comparable view, standing at around 51.9% in 2025, narrowing the gap somewhat.
Historically, both countries saw debt ratios rise sharply after the 2008 financial crisis. Ireland’s peaked at 118.91% in 2012 due to banking bailouts but has since fallen steadily through austerity, economic growth, and fiscal surpluses. The UK’s rose more gradually but consistently, driven by crisis response, the COVID-19 pandemic, and ongoing deficits, peaking near 97.6% in 2020 before stabilizing around 95%. Forecasts suggest Ireland’s ratio will continue declining to below 30% by 2030, while the UK’s is expected to rise slightly above 105% before potentially stabilizing.
