when was the last time the uk was in surplus
United Kingdom national debt In the late 1990s and early 2000s, the national debt dropped in relative terms, falling to 29% of GDP by 2002. In 1997, the Labour Government of Tony Blair had inherited a PSNCR of approximately £5 billion per annum, but by sticking to the parsimonious spending plans of the outgoing Conservative Government, this was gradually turned into a modest budget surplus.[18] During the Spending Review of 2000, Labour began to pursue a looser fiscal policy, and by 2002 annual borrowing had reached £20 billion.[18]