United Kingdom Government Budget Value

Last Release

Jan 31, 2025

Actual

15,442

Units In

GBP Million

-18,119

Frequency

Monthly

Next Release

Mar 21, 2025

Time to Release

25 Days 16 Hours

Highest	Lowest	Average	Date Range	Source
15,442 Jan 2025	-51,483 May 2020	-6,206.03 GBP Million	1993-2025	Office for National Statistics

In the UK, public sector net borrowing excluding public sector banks (PSNB ex) measures the gap between revenue raised (current receipts) and total spending (current expenditure plus net investment (capital spending less capital receipts)). Public sector net borrowing (PSNB) is often referred to by commentators as “the deficit”.

Latest Updates

Public sector net borrowing, excluding public sector banks, in the UK recorded a £15.44 billion surplus in January 2025, up from £14.69 billion in the same month last year but below the expected £20 billion. This marked the highest January surplus since monthly records began in 1993, driven by an £8.1 billion year-over-year increase in total receipts, primarily from higher self-assessed tax revenues. Self-assessed income and capital gains tax receipts reached a record high for January. Meanwhile, total public sector spending rose by £7.3 billion, reflecting higher expenditures on public services, benefits, and debt interest. For the financial year to January 2025, borrowing reached £118.2 billion, £11.6 billion higher than the previous year and £12.8 billion above the OBR’s £105.4 billion forecast. This marked the fourth-highest fiscal year borrowing to January on record.