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. source: Office for National Statistics

The United Kingdom recorded a government budget deficit of 11578 GBP Million in December of 2025. Government Budget Value in the United Kingdom averaged -6491.83 GBP Million from 1993 until 2025, reaching an all time high of 14499.00 GBP Million in January of 2025 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 deficit of 11578 GBP Million in December of 2025. 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
2025-12-19 07:00 AM
Public Sector Net Borrowing Ex Banks
Nov £-11.65B £-21.19B £-10B £-11.6B
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 £-11.58B £13.0B


Related Last Previous Unit Reference
Fiscal Expenditure 114831.00 107198.00 GBP Million Dec 2025
Public Sector Net Borrowing Ex Banks -11578.00 -10941.00 GBP Million Dec 2025
Government Debt 2935.80 2925.40 GBP Billion Dec 2025
Government Revenues 103253.00 96257.00 GBP Million Dec 2025
Government Spending 149068.00 148545.00 GBP Million Sep 2025
Interest Payments on Government Debt 9062.00 3131.00 GBP Million Dec 2025
Public Sector Net Borrowing -11578.00 -10941.00 GBP Million Dec 2025
Public Sector Net Debt to GDP 95.50 95.40 percent of GDP Dec 2025
Tax Revenue 69965.00 64496.00 GBP Million Dec 2025


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
-11578.00 -10941.00 14499.00 -51122.00 1993 - 2025 GBP Million Monthly
Current Prices, NSA

News Stream
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
UK Public Borrowing Exceeds Expectations
UK public sector net borrowing (excluding public sector banks) narrowed to £17.4 billion in October 2025 from £19.3 billion a year earlier, but above market expectations of £15.2 billion. This marked the third-highest October deficit on record. Total public sector spending rose by £4.5 billion, driven by higher costs of providing public services and benefits, partially offset by a decrease in interest payable on central government debt. Meanwhile, total receipts increased by £6.3 billion, supported by higher central government tax revenues and National Insurance contributions. For the financial year up to October, borrowing reached £116.8 billion, an increase of £9.0 billion (8.4%) compared with the same seven-month period in 2024. This represents the second-highest April-to-October borrowing on record, surpassed only by 2020. Public sector net debt excluding public sector banks was at 94.5% of GDP.
2025-11-21