United Kingdom Public Sector Net Borrowing Ex BanksApril 2022 Data

The UK government recorded an £18.6 billion deficit in its public finances in April of 2022, the first month of the new financial year, higher than market expectations of £17.9 billion, and the fourth-largest April borrowing since monthly records began in 1993. Central government receipts were £70.2 billion, of which tax receipts were £50.2 billion and current expenditure was £76 billion with the additional £3 billion cost of the Council Tax rebate payments being offset by reductions in other areas of expenditure, including subsidies and transfers to local government. Net cash requirement (excluding UK Asset Resolution Ltd and Network Rail) was £2.4 billion in April 2022, £28.1 billion less than in April 2021. Net debt excluding public sector banks was £2,347.7 billion at the end of April 2022, or around 95.7% of GDP, an increase of £179.1 billion or 0.9 percentage points of GDP compared with April 2021.

The UK government recorded an £18.1 billion deficit in its public finances in March of 2022, less than market expectations of £19.3 billion. Still, it was the second-highest March borrowing since monthly records began in 1993. The borrowing was £8.8 billion less than in March 2021 but still £11.9 billion more than in March 2020. Central government receipts were estimated to have been £73.8 billion, an £8.0 billion increase compared with March 2021. Of these receipts, tax revenue increased by £6.6 billion to £54.8 billion. Central government bodies spent £77.3 billion on current (day-to-day) expenditure, £8.4 billion less than in March 2021. Public sector net borrowing excluding public sector banks was £151.8 billion or around 6.4% of GDP in the financial year ending March 2022; this was the third-highest FY borrowing since records began in FYE March 1947, but less than half of the £317.6 billion borrowed in the same period last year.

The UK government recorded a £13.1 billion deficit in its public finances in February of 2022, much higher than market expectations of £8.1 billion. It is the second-highest February borrowing since monthly records began in 1993; this was £2.4 billion less than in February 2021 but still £12.8 billion more than in February 2020, before the coronavirus pandemic. Central government receipts were £71.9 billion, £5.8 billion more than in February 2021, of which tax receipts were £53.7 billion, an increase of £4.2 billion. Central government current expenditure was £73.2 billion, £1.0 billion more than in February 2021, of which debt interest payments were £8.2 billion, an increase of £2.8 billion. Borrowing for the first 11 months of the 2021/2022 financial year was £138.4 billion, 52% below a record from April 2020 to February 2021. Borrowing for 2021/22 is on course to come in below government forecasts, largely thanks to stronger-than-expected tax revenue.