Public sector net borrowing in the UK, excluding public sector banks, recorded a £30.4 billion surplus in January 2026, more than doubling from £14.5 billion a year earlier and exceeding expectations of £23.8 billion. This marked the largest budget surplus since records began in 1993, as total public sector receipts rose by £16.8 billion year-on-year, supported by strong capital gains tax inflows after companies and individuals brought forward asset sales ahead of planned tax increases. January receipts are typically elevated due to self-assessed payments, with combined income and capital gains tax revenues reaching a record high. Meanwhile, public sector expenditure increased by £0.9 billion, as higher public service and benefit costs were largely offset by lower interest payments on government debt. For the financial year to January, borrowing totaled £112.1 billion, below the OBR’s £120.4 billion forecast, though still the fifth-highest April–January borrowing on record. source: Office for National Statistics

The United Kingdom recorded a government budget surplus of 30366 GBP Million in January of 2026. Government Budget Value in the United Kingdom averaged -6405.79 GBP Million from 1993 until 2026, reaching an all time high of 30366.00 GBP Million in January of 2026 and a record low of -51122.00 GBP Million in May of 2020. This page provides - United Kingdom Government Budget Value - actual values, historical data, forecast, chart, statistics, economic calendar and news. United Kingdom Public Sector Net Borrowing Ex Banks - data, historical chart, forecasts and calendar of releases - was last updated on February of 2026.

The United Kingdom recorded a government budget surplus of 30366 GBP Million in January of 2026. Government Budget Value in the United Kingdom is expected to be -15000.00 GBP Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United Kingdom Public Sector Net Borrowing Ex Banks is projected to trend around -12500.00 GBP Million in 2027 and -11000.00 GBP Million in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-01-22 07:00 AM
Public Sector Net Borrowing Ex Banks
Dec £-11.58B £-10.94B £-14B £-15.0B
2026-02-20 07:00 AM
Public Sector Net Borrowing Ex Banks
Jan £30.4B £-13.4B £23.8B £19.0B
2026-03-20 07:00 AM
Public Sector Net Borrowing Ex Banks
Feb £30.4B £-10.0B


Related Last Previous Unit Reference
Fiscal Expenditure 112725.00 115619.00 GBP Million Jan 2026
Public Sector Net Borrowing Ex Banks 30366.00 -13355.00 GBP Million Jan 2026
Government Debt 2867.40 2923.70 GBP Billion Jan 2026
Government Revenues 143091.00 102264.00 GBP Million Jan 2026
Government Spending 149452.00 148828.00 GBP Million Dec 2025
Interest Payments on Government Debt 1501.00 9062.00 GBP Million Jan 2026
Public Sector Net Borrowing 30366.00 -13355.00 GBP Million Jan 2026
Public Sector Net Debt to GDP 92.90 95.00 percent of GDP Jan 2026
Tax Revenue 109657.00 69524.00 GBP Million Jan 2026


United Kingdom Public Sector Net Borrowing Ex Banks
In the UK, public sector net borrowing excluding public sector banks (PSNB ex) measures the gap between revenue raised (current receipts) and total spending. Total spending refers to current expenditure plus net investment (capital spending less capital receipts). Public sector net borrowing (PSNB) is often referred to by commentators as “the deficit”.
Actual Previous Highest Lowest Dates Unit Frequency
30366.00 -13355.00 30366.00 -51122.00 1993 - 2026 GBP Million Monthly
Current Prices, NSA

News Stream
UK Posts Largest Budget Surplus on Record
Public sector net borrowing in the UK, excluding public sector banks, recorded a £30.4 billion surplus in January 2026, more than doubling from £14.5 billion a year earlier and exceeding expectations of £23.8 billion. This marked the largest budget surplus since records began in 1993, as total public sector receipts rose by £16.8 billion year-on-year, supported by strong capital gains tax inflows after companies and individuals brought forward asset sales ahead of planned tax increases. January receipts are typically elevated due to self-assessed payments, with combined income and capital gains tax revenues reaching a record high. Meanwhile, public sector expenditure increased by £0.9 billion, as higher public service and benefit costs were largely offset by lower interest payments on government debt. For the financial year to January, borrowing totaled £112.1 billion, below the OBR’s £120.4 billion forecast, though still the fifth-highest April–January borrowing on record.
2026-02-20
UK Public Borrowing Lower Than Expected
UK public sector net borrowing (excluding public sector banks) fell to £11.6 billion in December 2025 from £18.7 billion a year earlier, coming in lower than expectations of £14.0 billion. Total public sector receipts increased by £8.2 billion year-on-year, led by nearly 10% annual growth in central government tax and National Insurance contributions, the highest December level on record. Meanwhile, public sector expenditure rose by £1.1 billion compared with a year earlier, reflecting higher spending on public services, social benefits, and debt interest, which were partially offset by a reduction in payments to the rest of the world. For the financial year to December, borrowing totaled £140.4 billion, down £0.3 billion (0.2%) from the same nine-month period in 2024, though still marking the third-highest April–December borrowing on record. Public sector net debt, excluding public sector banks, stood at around 95.5% of GDP, remaining close to historically elevated levels.
2026-01-22
UK Public Borrowing Narrows in November
UK public sector net borrowing (excluding public sector banks) narrowed to £11.7 billion in November 2025, down from £13.6 billion a year earlier, but above market expectations of £10 billion. Total public sector receipts increased by £5.9 billion year-on-year, supported by higher central government tax revenues and National Insurance contributions. Meanwhile, total public sector expenditure rose by £4.0 billion, reflecting increased spending on public services and social benefits, while debt interest costs declined compared with last year amid easing inflation-linked payments. For the financial year to November, borrowing reached £132.3 billion, up £10.0 billion, or 8.2%, from the same eight-month period of 2024, marking the second-highest April-to-November borrowing on record after 2020. Public sector net debt, excluding public sector banks, stood at around 95.6% of GDP, remaining close to historically elevated levels.
2025-12-19