UK Public Sector Net Borrowing

Borrowing - the difference between public sector spending and income - was £3.1 billion in July 2024, £1.8 billion more than in July 2023 and the highest July borrowing since 2021. Self-assessed income tax (SA) receipts in July 2024 were £12.9 billion, £1.1 billion more than in July 2023; however, because of the possibility of delayed July payments, we recommend considering July and August SA receipts as a whole when making year-on-year comparisons. Borrowing in the financial year to July 2024 was £51.4 billion, £0.5 billion less ...

Borrowing – the difference between public sector spending and income – was £14.5 billion in June 2024, £3.2 billion less than in June 2023 and the lowest June borrowing since 2019. The interest payable on central government debt was £7.4 billion in June 2024, £5.5 billion less than in June 2023, largely because the interest payable on index-linked gilts rises and falls with the Retail Prices Index (RPI). Public sector net debt excluding public sector banks was provisionally estimated at 99.5% of gross domestic product (GDP) at the ...

Borrowing – the difference between public sector spending and income – was £15.0 billion in May 2024, £0.8 billion more than in May 2023 and the third highest May borrowing since monthly records began in 1993. Borrowing in the financial year-to-May 2024 was £33.5 billion, £0.4 billion more than in the same two-month period a year earlier and the fourth highest year-to-May borrowing since monthly records began. Public sector net debt excluding public sector banks was provisionally estimated at 99.8% of gross domestic product (GDP) at ...

Borrowing – the difference between public sector spending and income – was £20.5 billion in April 2024, the fourth highest April borrowing since monthly records began in 1993. Borrowing in April 2024 was £1.5 billion more than in April 2023 and £1.2 billion more than the £19.3 billion forecast by the Office for Budget Responsibility (OBR). Public sector receipts grew by £1.6 billion compared with April 2023, however, this growth was outstripped by a £3.1 billion increase in spending over the same period. Since our March 2024 ...

Public sector net borrowing excluding public sector banks (borrowing) was £8.4 billion in February 2024, £3.4 billion less than in February 2023. Borrowing in the financial year-to-February 2024 was £106.8 billion, £4.6 billion less than in the same eleven-month period a year ago, and the lowest for four years in nominal terms. Public sector net debt excluding public sector banks (debt) was £2,659.4 billion at the end of February 2024, £157.4 billion more than at the end of February 2023. Debt was provisionally estimated at around ...

Public sector net borrowing excluding public sector banks (borrowing) in January 2024 was in surplus by £16.7 billion, more than double the surplus of January 2023 and the largest surplus since monthly records began in 1993 in nominal terms. Each January tax receipts are always higher than in other months, owing to receipts from self-assessed taxes; combined self-assessed income and capital gains tax receipts were £33.0 billion, £1.8 billion less than a year earlier. Borrowing in the financial year-to-January 2024 was £96.6 billion, ...

Public sector net borrowing excluding public sector banks (borrowing) in December 2023 was £7.8 billion, around half or £8.4 billion less than that borrowed in December 2022 and the lowest December borrowing since 2019. Central government debt interest payable was £4.0 billion in December 2023, £14.1 billion less than in December 2022 and the lowest December figure since 2020; changes in interest payable are largely the effect of Retail Prices Index (RPI) movements on index-linked gilts. Borrowing in the financial year-to-December ...