According to the report from the Office for National Statistics (ONS), in March, net borrowing by the public sector, excluding state-owned banks (PSCB ex) was 11.9 billion pounds (the highest value since November 2023), 4.7 billion pounds less than in March 2023. Meanwhile, the deficit for February was revised to 9.5 billion pounds from 8.401 billion pounds. Economists had expected a deficit of 7.6 billion pounds in March. PSCB ex in the financial year-to-March 2024 was 120.7 billion pounds, 7.6 billion pounds less than in the same twelve-month period a year ago but 6.6 billion pounds more than forecast by the Office for Budget Responsibility (OBR).
Central government's receipts increased in March by 6.6 billion pounds compared to March 2023, to 90.6 billion pounds. Meanwhile, the central government's total expenditure was 102.5 billion pounds, 0.4 billion pounds less than in March 2023.
Public sector net debt excluding public sector banks (debt) at the end of March was provisionally estimated at 98.3% of GDP. This was 2.6% more than at the end of March 2023, and remains at levels last seen in the early 1960s. Excluding the Bank of England, debt was 89.4% of GDP, 8.9% lower than the wider debt measure.