UK public sector net borrowing in July was £4.3B, an increase of £3.4B from July 2022; public sector net debt at the end of July was £2.58T, or 98.5% of GDP: ONS

Sample article from our Housing & Economy

LONDON , August 22, 2023 (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) in July 2023 was £4.3 billion, £3.4 billion more than in July 2022 and the fifth-highest July borrowing since monthly records began in 1993.
  • Self-assessed income tax (SA) receipts in July 2023 were £11.8 billion, £2.5 billion more than in July 2022; however, because of the possibility of delayed July payments we recommend considering July and August SA receipts as a whole when making year-on-year comparisons.
  • PSNB ex in the financial year to July 2023 was £56.6 billion, £13.7 billion more than in the same four-month period last year but £11.3 billion less than the £68.0 billion forecast by the Office for Budget Responsibility (OBR).
  • Central government net cash requirement (excluding UK Asset Resolution Ltd and Network Rail) was £10.0 billion in July 2023, £10.9 billion below the £20.9 billion forecast by the OBR.
  • Public sector net debt (PSND ex) was £2,578.9 billion at the end of July 2023 and provisionally estimated at around 98.5% of the UK’s annual gross domestic product (GDP); this is 1.9 percentage points higher than in July 2022 and continuing at levels last seen in the early 1960s.
  • Excluding the Bank of England, public sector net debt was £2,345.9 billion or around 89.6% of GDP, £233.0 billion (or 8.9 percentage points) lower than the wider measure.
  • Public sector net worth (PSNW ex) was in deficit by £630.9 billion at the end of July 2023; this compares with a £524.0 billion deficit at the end of July 2022.

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.

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