UK public sector net borrowing (excluding public sector banks) rose to £23.3 billion in May 2026 from £17.9 billion last year, above market expectations of £18.5 billion. This was the second-highest borrowing for any May on record, behind that of 2020, indicating a tight fiscal situation. Public sector spending increased by £9.1 billion year-on-year to £118.0 billion, driven by rising costs of debt interest payments, public service delivery, investment, and benefits. Central government debt interest costs were the highest ever recorded for the month of May. Public sector receipts rose by £3.7 billion to £94.8 billion, supported by higher tax receipts. Public sector net debt excluding public sector banks was equivalent to 95.1% of GDP at the end of May, up 0.4 ppts from a year ago. Borrowing in the FY to May was £46.3 billion, up £8.9 billion from the same period in 2025 and £7.7 billion more than the OBR’s forecast in March before the full impact of the Middle East war were known. source: Office for National Statistics

The United Kingdom recorded a government budget deficit of 23294 GBP Million in May of 2026. Government Budget Value in the United Kingdom averaged -6495.31 GBP Million from 1993 until 2026, reaching an all time high of 32911.00 GBP Million in January of 2026 and a record low of -51127.00 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 June of 2026.

The United Kingdom recorded a government budget deficit of 23294 GBP Million in May of 2026. Government Budget Value in the United Kingdom is expected to be -12500.00 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 -13900.00 GBP Million in 2027 and -11200.00 GBP Million in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-05-22 06:00 AM
Public Sector Net Borrowing Ex Banks
Apr £-24.3B £-11.5B £-20.9B £-16.5B
2026-06-19 06:00 AM
Public Sector Net Borrowing Ex Banks
May £-23.3B £-23.0B £-18.5B £-17.0B
2026-07-21 06:00 AM
Public Sector Net Borrowing Ex Banks
Jun £-23.3B £-12.5B


Related Last Previous Unit Reference
Fiscal Expenditure 118046.00 118945.00 GBP Million May 2026
Public Sector Net Borrowing Ex Banks -23294.00 -23033.00 GBP Million May 2026
Government Debt 2984.30 2940.80 GBP Billion May 2026
Government Revenues 94752.00 95912.00 GBP Million May 2026
Government Spending 149462.00 148909.00 GBP Million Mar 2026
Interest Payments on Government Debt 11747.00 9762.00 GBP Million May 2026
Public Sector Net Borrowing -23294.00 -23033.00 GBP Million May 2026
Public Sector Net Debt to GDP 95.10 94.10 percent of GDP May 2026
Tax Revenue 63651.00 64831.00 GBP Million May 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
-23294.00 -23033.00 32911.00 -51127.00 1993 - 2026 GBP Million Monthly
Current Prices, NSA

News Stream
UK Public Borrowing Highest for Any May in 6 years
UK public sector net borrowing (excluding public sector banks) rose to £23.3 billion in May 2026 from £17.9 billion last year, above market expectations of £18.5 billion. This was the second-highest borrowing for any May on record, behind that of 2020, indicating a tight fiscal situation. Public sector spending increased by £9.1 billion year-on-year to £118.0 billion, driven by rising costs of debt interest payments, public service delivery, investment, and benefits. Central government debt interest costs were the highest ever recorded for the month of May. Public sector receipts rose by £3.7 billion to £94.8 billion, supported by higher tax receipts. Public sector net debt excluding public sector banks was equivalent to 95.1% of GDP at the end of May, up 0.4 ppts from a year ago. Borrowing in the FY to May was £46.3 billion, up £8.9 billion from the same period in 2025 and £7.7 billion more than the OBR’s forecast in March before the full impact of the Middle East war were known.
2026-06-19
UK Public Borrowing Above Expectations
UK public sector net borrowing (excluding public sector banks) widened to £24.3 billion in April 2026 from £19.5 billion a year earlier, above market expectations of £20.9 billion. It was the second-highest April borrowing on record, underlining pressure on the public finances. The reading contrasts with March forecasts that borrowing would fall to 3.6% of GDP in the 2026/27 tax year, its lowest level since before the COVID-19 era. However, the war involving Iran has increased the risk of an economic slowdown, threatening tax revenues while adding pressure on Chancellor Rachel Reeves to support households and businesses facing higher energy costs. Public sector spending rose by £7.6 billion, driven by higher welfare costs, increased investment, public service spending, and record April debt interest payments. Meanwhile, public sector receipts increased by £2.7 billion. Public sector net debt stood at 94.2% of GDP at the end of April, up 0.5 percentage points from a year earlier.
2026-05-22
UK Public Borrowing Narrows in March
UK public sector net borrowing (excluding public sector banks) narrowed to £12.6 billion in March 2026 from £14.0 billion in the same month last year, but remained above expectations of £10.4 billion. In the financial year ending March 2026, public sector net borrowing stood at £132.0 billion, £19.8 billion lower than in FYE March 2025 and £0.7 billion below the £132.7 billion forecast by the OBR, marking the lowest level in three years. Total public sector receipts increased to £1,230.8 billion, rising by £92.1 billion from a year earlier, supported by a £87.7 billion (9.1%) jump in tax revenues and National Insurance contributions. Meanwhile, public sector spending rose to £1,362.8 billion, up £72.2 billion, driven by higher costs for public services, benefits, and debt interest. Public sector net debt stood at 93.8% of GDP at the end of March, up 0.6 percentage points from the previous year.
2026-04-23