UK public sector net borrowing in June was £14.5B, £3.2B less than in June 2023; debt at the end of June was estimated at 99.5% of GDP: ONS

July 19, 2024 (press release) –

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

Main points

• Borrowing – the difference between public sector spending and income – was £14.5 billion in June 2024, £3.2 billion less than in June 2023 and the lowest June borrowing since 2019.
• The interest payable on central government debt was £7.4 billion in June 2024, £5.5 billion less than in June 2023, largely because the interest payable on index-linked gilts rises and falls with the Retail Prices Index (RPI).
• Public sector net debt excluding public sector banks was provisionally estimated at 99.5% of gross domestic product (GDP) at the end of June 2024; this was 2.8 percentage points more than at the end of June 2023, and remains at levels last seen in the early 1960s.
• Excluding the Bank of England, debt was 91.6% of GDP, 4.8 percentage points more than at the end of June 2023 but 7.9 percentage points lower than the wider debt measure.
• Public sector net worth excluding public sector banks was in deficit by £726.4 billion at the end of June 2024, a £77.2 billion larger deficit than at the end of June 2023.
• Central government net cash requirement (excluding UK Asset Resolution Ltd and Network Rail) was £14.5 billion in June 2024, £5.6 billion less than in June 2023.

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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