UK public sector net borrowing was £151.8B in the full financial year ended March, the third-highest financial year borrowing since March 1947, around 6.4% of GDP; public sector net debt was £2.3T at the end of March, or 96.2% of GDP: ONS

Sample article from our Government & Public Policy

LONDON , April 26, 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 £151.8 billion or around 6.4% of gross domestic product (GDP) in the financial year ending (FYE) March 2022; this was the third-highest financial year (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 public sector current budget deficit excluding public sector banks was £89.5 billion or around 3.8% of GDP in the FYE March 2022; this was the sixth-highest FY current budget deficit since records began in FYE March 1947, but around a third of the £245.8 billion deficit in the same period last year.
  • Central government receipts were £830.0 billion in the FYE March 2022, £105.3 billion more than in the FYE March 2021, of which tax receipts were £619.9 billion, an increase of £94.3 billion.
  • Central government current (or day-to-day) expenditure was £893.3 billion in the FYE March 2022, £50.3 billion less than in FYE March 2021, with a reduction of £67.4 billion in subsidies being partially offset by a £30.5 billion increase in debt interest payments.
  • PSNB ex was £18.1 billion in March 2022, the second-highest March borrowing since monthly records began in 1993; this was £8.8 billion less than in March 2021 but still £11.9 billion more than in March 2020.
  • Central government net cash requirement (excluding UK Asset Resolution Ltd and Network Rail) was £18.7 billion in March 2022, £2.1 billion less than in March 2021, bringing the total for the FYE March 2022 to £129.2 billion.
  • Public sector net debt excluding public sector banks (PSND ex) was £2,343.8 billion at the end of March 2022 or around 96.2% of GDP, an increase of £209.4 billion or 2.3 percentage points of GDP compared with March 2021 and reaching levels not seen since the early 1960s.
  • Public sector net debt excluding public sector banks and the Bank of England (PSND ex BoE) was £2,025.1 billion at the end of March 2022 or around 83.1% of GDP, an increase of £121.9 billion or a reduction of 0.7 percentage points of GDP compared with March 2021.

Industry Intelligence Editor's Note: This press release omits select charts and/or marketing language for editorial clarity. Click here to view the full report.

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.

More from our Government & Public Policy Coverage
See our dashboard in action - schedule an demo
Chelsey Quick
Chelsey Quick
- VP Client Success -

We offer built-to-order government & public policy coverage for our clients. Contact us for a free consultation.

About Us

We deliver market news & information relevant to your business.

We monitor all your market drivers.

We aggregate, curate, filter and map your specific needs.

We deliver the right information to the right person at the right time.

Our Contacts

1990 S Bundy Dr. Suite #380,
Los Angeles, CA 90025

+1 (310) 553 0008

About Cookies On This Site

We collect data, including through use of cookies and similar technology ("cookies") that enchance the online experience. By clicking "I agree", you agree to our cookies, agree to bound by our Terms of Use, and acknowledge our Privacy Policy. For more information on our data practices and how to exercise your privacy rights, please see our Privacy Policy.