UK public sector net borrowing was £13.1B in February, the second-highest February borrowing since 1993, down by £2.4B year-over-year; public sector net debt was £2.3T at end of February, or 94.7% of GDP: ONS

LONDON , March 22, 2022 (press release) –

How the relationship between UK public sector monthly income and expenditure leads to changes in deficit and debt.

Main points

• Public sector net borrowing excluding public sector banks (PSNB ex) was £13.1 billion in February 2022, 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 (COVID-19) pandemic.
• Central government receipts were £71.9 billion in February 2022, £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 (or day-to-day) expenditure was £73.2 billion in February 2022, £1.0 billion more than in February 2021, of which debt interest payments were £8.2 billion, an increase of £2.8 billion.
• PSNB ex was £138.4 billion in the financial year-to-February 2022; this was the third-highest financial year-to-February borrowing since monthly records began in 1993 but less than half of the £290.9 billion borrowed in the same period last year.
• Central government net cash requirement (excluding UK Asset Resolution Ltd and Network Rail) was £1.6 billion in February 2022, £4.8 billion less than in February 2021, bringing the total for the financial year-to-February 2022 to £110.5 billion.
• Public sector net debt excluding public sector banks (PSND ex) was £2,326.8 billion at the end of February 2022 or around 94.7% of gross domestic product (GDP), maintaining a level not seen since the early 1960s.
• Public sector net debt excluding public sector banks and the Bank of England (PSND ex BoE) was £2,005.3 billion at the end of February 2022 or around 81.6% of GDP.

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