In 2006 UK pensions spending was about £88 billion, with old age pensions at £62 billion and sickness and disability at £26 billion. In the early 2010s pensions spending increased strongly, reaching £153 billion in 2016.

Pensions spending moderated in the late 2010s but then exploded in the aftermath of COVID. For the year ending March 2026 pensions spending was £223.5 billion.

In terms of GDP, pensions spending was about 6 percent of GDP in 2006, but then increased to 8.1 percent GDP in 2013, before settling back to 6.8 percent GDP in 2023. For the year ending March 2026 pensions spending was 7.3 percent GDP.

UK Pensions Since World War II

Chart S.43t: UK Pensions Since 1947

After World War II pensions spending was about 2 percent of GDP and, beginning in the mid 1950s started a rapid growth, hitting 3 percent of GDP in 1061 and 4 percent GDP in 1973.

Pensions spending peaked at 5 percent GDP in 1983, and then declined to 4.2 percent GDP in 1990 before jumping to over 5 percent GDP in 1993. Pensions spending then increased rapidly to 7 percent GDP in 2003. After a brief retreat to 6.7 percent GDP in 2007 pensions spending reached up to 8.2 pecent GDP in 2013.

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Spending Data Sources

Expenditure data since 1983 comes from HM Treasury’s Public Expenditure Statistical Analysis reports.

Detailed table of spending data sources here.

Gross Domestic Product data comes from measuringworth.com.

Central government spending data begins in 1692.

Local authority spending data begins in 1868.

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Data Sources for 2018_2028:

Sources for 2018:

GDP: OBR EFO supp. economy tables
Spending: HM Treasury PESA
Debt: OBR Public Finances Databank

Sources for 2028:

GDP: OBR EFO supp. economy tables
Spending: HM Treasury PESA
Debt: OBR Public Finances Databank

> spending data sources for other years

UK GDP and Public Debt Update -- March 2026

On July 23, 2026 ukpublicspending.co.uk updated UK GDP and public debt outturn and forecasts released with the Office of Budget Responsibility in March 2026.

Recent and forecast GDP comes from the UK Office of Budget Responsibility's Economic and fiscal outlook report, using table 1.1 from tab "1.1" and table 1.2 from tab "1.2" in a spreadsheet file labeled "March 2026 Economic and fiscal outlook -- detailed forecast tables: economy". UK GDP previous to 2009 comes from Measuring Worth. The data goes back to 1700.

Note that chain-linked GDP is now in 2019 pounds.

Public sector net debt, outturn and forecast, comes from a tab called "Aggregates (£bn)" in the Public Finances Databank spreadsheet at the Office of Budget Responsibility.