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. source: Office for National Statistics

The United Kingdom recorded a government budget deficit of 12600 GBP Million in March of 2026. Government Budget Value in the United Kingdom averaged -6438.38 GBP Million from 1993 until 2026, reaching an all time high of 31855.00 GBP Million in January of 2026 and a record low of -51126.00 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 April of 2026.

The United Kingdom recorded a government budget deficit of 12600 GBP Million in March of 2026. Government Budget Value in the United Kingdom is expected to be -13500.00 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
2026-03-20 07:00 AM
Public Sector Net Borrowing Ex Banks
Feb £-14.3B £31.9B £-8.5B £-10.0B
2026-04-23 06:00 AM
Public Sector Net Borrowing Ex Banks
Mar £-12.6B £-12.8B £-10.4B £-15.0B
2026-05-22 06:00 AM
Public Sector Net Borrowing Ex Banks
Apr £-12.6B


Related Last Previous Unit Reference
Fiscal Expenditure 124098.00 118295.00 GBP Million Mar 2026
Public Sector Net Borrowing Ex Banks -12600.00 -14329.00 GBP Million Mar 2026
Government Debt 2910.80 2881.90 GBP Billion Mar 2026
Government Revenues 111493.00 105474.00 GBP Million Mar 2026
Government Spending 149250.00 149041.00 GBP Million Dec 2025
Interest Payments on Government Debt 3210.00 12962.00 GBP Million Mar 2026
Public Sector Net Borrowing -12605.00 -12821.00 GBP Million Mar 2026
Public Sector Net Debt to GDP 93.80 93.10 percent of GDP Mar 2026
Tax Revenue 73984.00 71992.00 GBP Million Mar 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
-12600.00 -14329.00 31855.00 -51126.00 1993 - 2026 GBP Million Monthly
Current Prices, NSA

News Stream
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
UK Public Borrowing Above Forecasts
UK public sector net borrowing (excluding public sector banks) rose to £14.3 billion in February 2026 from £12.1 billion in the same month last year, exceeding expectations of £8.5 billion. This marked the second-highest February borrowing since records began in 1993, behind 2021. Public sector expenditure increased by £10.8 billion year-on-year, driven by higher costs for public services, benefits, debt interest, and investment. Central government debt interest costs reached a record for the month of February. Meanwhile, total public sector receipts rose by £8.6 billion, partly reflecting late payments of self-assessed taxes typically due on 31 January but recorded in February. For the financial year to February, borrowing stood at £125.9 billion, £11.9 billion or 8.7% lower than in the same 11-month period a year earlier. However, it remained the fourth-highest April-to-February borrowing on record and slightly below the £127.8 billion forecast by the OBR.
2026-03-20
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