You asked
I understand the UK government debt to be around £1.7tr. I assume this figure does not take into account the amount the UK government has lent to other countries (e.g. UK government holding of US government bonds). If this assumption is correct, can you please let me know how I can get the net figure of UK government debt.
We said
Thank you for your request.
Public Sector Net Debt (PSND) as reported in our Public Sector Finances statistical release is calculated as public sector liabilities (in bonds, loans, deposits and currency) less liquid assets (in cash and official reserves).
Included in official reserves are the amount the UK government holds in foreign currency assets such as US government bonds (and any other country), as well as gold and special drawing rights. Therefore, PSND does include the UK Government lending to other countries through holding their bonds.
PSND was £1.85 trillion at the end of July 2019. If the Bank of England and public corporations are excluded this reduces to a net debt of general government of £1.63 trillion. Table PSA8C of the Public Sector Finances bulletin presents the breakdown of general government net debt.