Category Archive: Monthly public finances release

Line chart showing cumulative public sector net borrowing

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…

Commentary chart of borrowing

Falling budget deficit continues to undershoot forecast

Government borrowing in May 2021 was £24.3 billion, down over 40 per cent from last year. And year-to-date borrowing of £53.4 billion is £14.1 billion below our March forecast profile. More than a third of that reflects differences in the timing of EU divorce bill payments. But lower spending and moderately stronger receipts growth mean…

Line chart showing cumulative public sector net borrowing

Budget deficit remains high, but now falling on last year

Government borrowing in April 2021 of £31.7 billion was £15.6 billion below last April and £7.3 billion below the profile consistent with our most recent forecast. The shortfall against forecast mostly relates to the timing of payments to the EU. The underlying outperformance is just £1.8 billion. Compared to last April, at the start of…

public sector net borrowing

Record budget deficit undershoots March 2021 forecast

The initial estimate of government borrowing for the 2020-21 fiscal year of £303.1 billion is roughly double the previous record set at the height of the financial crisis in 2009-10 (£157.7 billion). But it is £24.3 billion below our March forecast on a like-for-like basis (and £51.5 billion below it including loan write-offs that are…

cumulative public sector net borrowing

Record budget deficit could undershoot our latest forecast

Government borrowing remained high in February at £19.1 billion. With one month of the fiscal year remaining, borrowing has reached £278.8 billion. That far exceeds the previous annual record set at the height of the financial crisis in 2009-10 (£157.7 billion). But it looks set to undershoot our latest estimate for borrowing in 2020-21 (on…

Cumulative public sector net borrowing

Sharp rise in budget deficit is slower than expected

Government borrowing continued to rise in January, with monthly borrowing of £8.8 billion, despite a better-than-expected £24 billion of tax payments being made through self-assessment. Year-to-date borrowing has reached £271 billion, far exceeding the pre-virus annual record set at the height of the financial crisis in 2009-10 (£158 billion). We will publish our latest estimate…

Cumulative public sector net borrowing

Sharp rise in budget deficit is slower than expected

Government borrowing continued to rise in January, with monthly borrowing of £8.8 billion, despite a better-than-expected £24 billion of tax payments being made through self-assessment. Year-to-date borrowing has reached £271 billion, far exceeding the pre-virus annual record set at the height of the financial crisis in 2009-10 (£158 billion). We will publish our latest estimate…

Line chart showing cumulative public sector net borrowing

Budget deficit continues to rise sharply

The pace of government borrowing picked up further in December to reach £34.1 billion, the highest monthly total since May. Year-to-date borrowing now stands at £270.8 billion, far exceeding the pre-virus annual record set at the peak of the financial crisis (£158 billion). The reimposition of a national lockdown in early January means prospects for the…

Line chart showing cumulative public sector net borrowing

Budget deficit tops £200 billion in six months

Halfway through the 2020-21 fiscal year, cumulative borrowing has reached £208 billion, £51 billion above full-year borrowing in 2009-10 (at the peak of the financial crisis). Year-to-date borrowing is still lower than assumed in the central scenario from our Fiscal sustainability report, as both GDP and tax receipts have fared better than assumed. But with a…