Public Sector Net Borrowing
Monthly public sector borrowing excluding public sector banks
Net Borrowing
Public sector net borrowing measures the gap between government spending and income each month. Positive values mean the government spent more than it received (a deficit); negative values mean it received more than it spent (a surplus).
Monthly borrowing varies significantly throughout the year. January typically shows a surplus because self-assessment tax payments are due. Other months often show deficits as spending exceeds receipts.
Economists often focus on 12-month rolling totals or financial year totals to smooth out monthly volatility and assess the underlying fiscal position.
Net Borrowing History
Monthly public sector net borrowing excluding public sector banks (£ million).
Related: Borrowing vs Investment
Compare net borrowing with public sector net investment. Negative values for investment reflect the sign convention in official source data (negative = spending on investment).
Both series in £ million on the same axis for direct comparison.
Source: Office for National Statistics (ONS)
Dataset: Public Sector Finances (PUSF)
Series ID: DZLS
Measure: Public sector net borrowing excluding public sector banks (£ million)
Frequency: Monthly