According to the report from the Office for National Statistics (ONS), in February, net borrowing by the public sector, including state-owned banks (PSCB ex) was 10.71 billion pounds. This was 0.1 billion pounds more than in February 2024 and the fourth highest February borrowing since monthly records began in 1993. Economists had expected a deficit of 6.6 billion pounds. Meanwhile, the surplus for January was revised to 13.32 billion pounds from 15.44 billion pounds.
PSCB ex in the financial year to February 2025 was 132.2 billion pounds. This was 14.7 billion pounds more than at the same point in the last financial year and the third highest financial year-to-February borrowing since monthly records began in 1993.
Central government's receipts were 87.7 billion pounds in February 2025, 3.2 billion pounds more than in February 2024. Central government's total expenditure was 93.0 billion pounds in February 2025, 3.8 billion pounds more than in February 2024. The interest payable on central government debt was 7.4 billion pounds in February 2025, equal to that of February 2024.
Public sector net debt excluding public sector banks was provisionally estimated at 95.5% of GDP at the end of February 2025. This was 0.1 percentage points more than at the end of February 2024 and remains at levels last seen in the early 1960s. Public sector net financial liabilities excluding public sector banks were provisionally estimated at 82.9% of GDP at the end of February 2025. This was 2.3 percentage points more than at the end of February 2024, but 12.6 percentage points less than for public sector net debt.