UK public sector net borrowing

Source: Office for National Statistics (ONS), series J5II. Monthly, usually around the third week of the month, 7am; next release 21 October 2026

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What it measures

Public sector net borrowing (PSNB) is the gap between what the public sector spends, including investment, and what it receives in taxes and other income in a period. It is the UK's headline measure of the deficit. It covers central government, local government and public corporations, excluding public sector banks. The ONS publishes it monthly in pounds and for each financial year (April to March) as a share of GDP. See public sector net borrowing in the glossary.

How to read it

In the ONS series J5II, borrowing is shown as a negative number and a surplus as a positive one; the ONS bulletin charts it the other way round, so a value of minus 18,268 means borrowing of £18.3 billion. Single months are volatile: January usually shows a surplus because of self assessment tax receipts. Compare the financial year to date with the same months a year earlier, which the ONS headlines, and with the OBR forecast. Early estimates are revised substantially as local government and tax data arrive, so the borrowing figure for a past year can change by billions of pounds. The debt rises by roughly the amount borrowed.

Background

The ONS monthly series starts in January 1993. Its largest single month of borrowing was May 2020, during the coronavirus (COVID-19) pandemic. In its September 2026 bulletin the ONS reported borrowing of £77.3 billion in the financial year to August 2026, or 2.5% of GDP, which it described as the 10th-lowest April to August period since comparable monthly records began in 1993. Longer-run annual figures are in the OBR's public finances databank.

Other parts of the UK

Government Expenditure and Revenue Scotland (GERS)

How much has the government borrowed so far this year?

The ONS public sector finances bulletin gives borrowing for the financial year to date, which runs from April. In its bulletin of 22 September 2026, borrowing in the financial year to August 2026 was £77.3 billion. The total is revised in later months, so check the latest bulletin and quote the period it covers.

Why does the government usually have a surplus in January?

Most self assessment income tax and capital gains tax is paid by 31 January, so receipts are much higher in January than in other months. The ONS series often shows a surplus that month. This is why single months should not be compared with the annual total, and why the financial year to date is the more reliable comparison.

How does actual borrowing compare with the OBR forecast?

Each ONS public sector finances bulletin compares borrowing so far with the Office for Budget Responsibility's latest forecast profile. The OBR also publishes a monthly commentary on the ONS figures. Differences in a single month can reverse later, so use the comparison for the year to date.

Related questions

• How much is the UK government borrowing?
• What is the UK national debt?
• What is the OBR and what does it forecast?
• How much does the UK spend on debt interest?

More on this source: Office for Budget Responsibility (OBR)