United Kingdom Government Budget Value

Last Release

May 31, 2025

Actual

-17,686

Units In

GBP Million

-20,052

Frequency

Monthly

Next Release

Jul 22, 2025

Time to Release

29 Days 6 Hours

Highest	Lowest	Average	Date Range	Source
14,756 Jan 2024	-51,501 May 2020	-6,326.94 GBP Million	1993-2025	Office for National Statistics

In the UK, public sector net borrowing excluding public sector banks (PSNB ex) measures the gap between revenue raised (current receipts) and total spending (current expenditure plus net investment (capital spending less capital receipts)). Public sector net borrowing (PSNB) is often referred to by commentators as “the deficit”.

Latest Updates

Public sector net borrowing (excluding public sector banks) in the UK rose to £17.7 billion in May 2025, slightly above £17.0 billion a year earlier and exceeding market expectations of £17.1 billion. Total public sector spending increased by £6.4 billion from a year ago, driven by higher spending on public services and benefits, partially offset by a £0.7 billion reduction in debt interest. Meanwhile, total receipts grew by £5.7 billion, as the rise in central government tax receipts was supported by a £1.8 billion increase in national insurance contributions, partly due to the higher employer contribution rate introduced last month. Borrowing for the financial year to May, reached £37.7 billion, £1.6 billion higher than the same period in 2024 and the third-highest April-May total on record. Lastly, public sector net debt, excluding public sector banks, was estimated at 96.4% of GDP at the end of May.