UK public sector net borrowing was a surplus of £2.9B in January, £5.4B less borrowing than in January 2021: ONS

LONDON , February 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 a surplus of £2.9 billion in January 2022; this was equivalent to £5.4 billion less borrowing than in January 2021 but still a £7.0 billion smaller surplus than in January 2020, before the coronavirus (COVID-19) pandemic.
• Central government receipts were £91.6 billion in January 2022, £8.6 billion more than in January 2021, of which Self-assessed Income Tax receipts were £18.4 billion, an increase of £2.0 billion.
• Central government current (or day-to-day) expenditure was £76.3 billion in January 2022, £0.5 billion more than in January 2021, of which debt interest payments were £6.1 billion, an increase of £4.5 billion.
• PSNB ex was £138.5 billion in the financial year-to-January 2022; this was the second-highest financial year-to-January borrowing since monthly records began in 1993 but around half (or £140.2 billion less than) that of the same period last year.
• Central government net cash requirement (excluding UK Asset Resolution Ltd and Network Rail) was a surplus of £23.2 billion in January 2022, a £12.5 billion greater surplus than in January 2021, bringing the total for the financial year-to-January 2022 to £108.9 billion.
• Public sector net debt excluding public sector banks (PSND ex) was £2,317.6 billion at the end of January 2022 or around 94.9% 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 £1,995.5 billion at the end of January 2022 or around 81.7% of GDP.

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