Effectively yes. (Although many "accounts" and different financial "instruments")
Continuing the bank account analogy, we're £3 trillion over-drawn, to help understand how big a number that is....
a million seconds is 11 days,
a billion seconds is 31 years,
a trillion seconds is 31,710 years
The interest is approximately £300 million per day.
The financial institutions are happy to lend the money, whilst they believe the government has the economy under control and can pay at least the interest.
The less the financial institutions trust the Government, the higher the rates they charge, some rates are the highest they have been for 30 years.
This isn't just effecting the UK, France is having similar problems.
The Government is still spending more every month than it takes in, and the fear is they have run out of viable options.
Most voters have little experience of rampant inflation, rocketing unemployment, and an economy in a death spiral, and have zero interest in just how much trouble we're in.
I have been here before, and saw what happened in the '70, it's not going to be pretty. Watch what happens to France in the next 6 months...