Category Archive: Monthly public finances release

Line chart showing cumulative public sector net borrowing

Debt interest and support for energy bills add to borrowing

The budget deficit continues to fall year on year, with April-to-July borrowing of £55.0 billion down £12.1 billion on last year. But it was £3.0 billion above our March forecast profile, largely reflecting higher spending. Sharp rises in inflation continue to raise debt interest costs by even more than our forecast assumed, while the cost-of-living…

Line chart showing cumulative public sector net borrowing

Higher inflation delivers record debt interest spending

The budget deficit continues to fall year on year, with April-to-June borrowing of £55.4 billion down £5.7 billion on last year. But it was £3.7 billion above our most recent forecast profile, largely reflecting higher spending, alongside modestly lower receipts. Debt interest spending hit a record high – for both the single month of June…

Cumulative public sector net borrowing

Higher inflation pushes debt interest spending up sharply

The budget deficit continued to fall in May, with year-to-date borrowing of £35.9 billion down £6.4 billion on last year. But it was £6.4 billion above our most recent forecast profile. This overshoot reflects both lower receipts and higher spending – with debt interest spending in the year to date a fifth higher than forecast…

Line chart showing cumulative public sector net borrowing

Cash tax receipts outperform our forecast in April

The budget deficit continued to fall in April 2022, with borrowing of £18.6 billion down £5.6 billion on last year and just £0.6 billion below our most recent forecast profile. By contrast the more timely data from cash receipts were particularly strong, up 18.5 per cent on last April and £6.4 billion (10.2 per cent)…

Cumulative borrowing chart

January tax receipts and debt interest far exceed forecasts

January is a big month for tax receipts, with self-assessment (SA) payments due. This year’s relate to 2020-21 liabilities – a year affected by both lockdowns and huge fiscal support. At £26.8 billion, SA receipts exceeded our forecast by £7.8 billion. That helped take the year to date receipts surplus relative to our October 2021…

Cumulative borrowing chart

Budget deficit falling sharply thanks to strong tax revenues

Government borrowing in December 2021 was £16.8 billion, down £7.6 billion on December 2020. Year to date borrowing of £146.8 billion is down 46.8 per cent on the same period last year and is £13.0 billion below our October forecast profile. That undershoot reflects stronger than expected receipts (thanks largely to a more resilient labour…

Line chart showing cumulative public sector net borrowing

Budget deficit continues to fall sharply

Government borrowing in November 2021 was £17.4 billion, down £4.9 billion on last November. Year to date borrowing of £136.0 billion is down 46 per cent on the same period last year and is £7.1 billion below our October forecast profile. That undershoot reflects stronger than expected receipts (thanks largely to a more resilient labour…

Line chart showing cumulative public sector net borrowing

Budget deficit down over £100 billion so far in 2021-22

Government borrowing in October 2021 was £18.8 billion, down £0.2 billion from last year. But year to date borrowing of £127.3 billion is down £103.4 billion (44.8 per cent) on the same period last year. This reflects the economic recovery boosting receipts and the lower cost of pandemic-related support schemes, but is partially offset by…

Line chart showing cumulative public sector net borrowing

Borrowing continues to undershoot forecast

Government borrowing in August 2021 was £20.5 billion, down £5.5 billion from the same month last year. Year to date borrowing of £93.8 billion is now £31.9 billion below our March forecast profile. That reflects both stronger than expected receipts (thanks largely to a faster than expected economic recovery) and lower than expected spending (due…