Webt. e. A sovereign default is the failure or refusal of the government of a sovereign state to pay back its debt in full when due. Cessation of due payments (or receivables) may either be accompanied by that government's formal declaration that it will not pay (or only partially pay) its debts (repudiation), or it may be unannounced. Web27 dec. 2024 · In the UK, external debt is currently over 430% of GDP (£6,200bn) The vast majority of this is liabilities by the banking and finance sector. UK banks external liabilities amount to over £4,000bn. However, it should be noted that this size of external liabilities is matched by UK external assets of £6,000bn.
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