Budget deficit continues to fall faster than expected

Government borrowing in June 2021 was £22.8 billion, down over 19 per cent from last year. Year-to-date borrowing of £69.5 billion is now £19.0 billion below our March forecast profile. That reflects both stronger-than-expected receipts (consistent with the faster economic rebound in recent months) and lower-than-expected spending (perhaps reflecting continued shortfalls in spending on pandemic-related programmes).

Line chart showing cumulative public sector net borrowing

Fiscal risks report press briefing


Key publications

Medium-term forecasts

Five year forecasts for the UK economy and public finances and an assessment of whether the Government is likely to achieve its fiscal targets.

Long-term projections

50 year ahead projections for the UK public finances and public sector balance sheet analysis. Also the recent vehicle for our Coronavirus scenarios.

Forecast evaluation

Report into how our forecasts compare to subsequent outturn data and identifying lessons for future forecasts.

Welfare spending trends

An in-depth look at the drivers of welfare spending both inside and outside the Government’s welfare cap.

Fiscal risks

A report published every two years on the main risks to the public finances.

Monthly commentary

Our monthly commentary on the latest public finances data and how it compares to our most recent forecast.