According to the report from the Office for National Statistics (ONS), in March, net borrowing by the public sector, including state-owned banks (PSCB ex) was 16.44 billion pounds. This was 2.8 billion pounds more than in March 2024 and the third-highest March borrowing since monthly records began in 1993. Economists had expected a deficit of 16.05 billion pounds. Meanwhile, the deficit for February was revised to 12.31 billion pounds from 10.71 billion pounds.
PSCB ex in the financial year to March 2025 was provisionally estimated at 151.9 billion pounds. This was 20.7 billion pounds more than in the same twelve-month period a year earlier and 14.6 billion pounds more than the 137.3 billion pounds forecast by the Office for Budget Responsibility (OBR).
Central government's receipts were 93.5 billion pounds in March, 2.5 billion pounds more than in March 2024. Central government's current expenditure was provisionally estimated as 88.9 billion pounds in March, 6.2 billion pounds more than in March 2024. The interest payable on central government debt was 4.3 billion pounds in March, 1.3 billion pounds more than in March 2024. This was the highest central government interest payable in any March since monthly records began in 1997, though only 0.2 billion pounds above the previous record in March 2023.
Public sector net debt excluding public sector banks was provisionally estimated at 95.8% of GDP at the end of March. This was 0.2 percentage points more than at the end of March 2024 and remains at levels last seen in the early 1960s. Public sector net financial liabilities excluding public sector banks were provisionally estimated at 83.5% of GDP at the end of March. This was 2.6 percentage points more than at the end of March 2024, but 12.3 percentage points less than for public sector net debt.