United Kingdom Government Budget Value

Last Release

Mar 31, 2025

Actual

-16,444

Units In

GBP Million

-12,310

Frequency

Monthly

Next Release

May 22, 2025

Time to Release

27 Days 5 Hours

Highest	Lowest	Average	Date Range	Source
15,021 Jan 2024	-51,502 May 2020	-6,271.87 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 rose to £16.4 billion in March 2025 from £13.6 billion a year earlier, slightly exceeding the forecast of £16.1 billion. This marks the third-highest March borrowing since monthly records began in 1993, behind March 2021 (during the COVID-19 pandemic) and March 2023 (amid surging energy prices). For the full financial year to March 2025, borrowing totaled £151.9 billion, which is £20.7 billion higher than in FY 2024 and £14.6 billion above the OBR’s forecast. Total public sector spending rose by £56.8 billion, driven by increased expenditure on public services, benefits, and debt interest. Meanwhile, total receipts grew by £36 billion, as higher central government tax revenues were partly offset by a decline in national insurance contributions. Public sector net debt was provisionally estimated at 95.8% of GDP, remaining at levels last seen in the early 1960s.