According to the report from the Office for National Statistics (ONS), in February, net borrowing by the public sector, excluding state-owned banks (PSCB ex) was 8.4 billion pounds, 3.4 billion pounds less than in February 2023. Meanwhile, the surplus for January was revised to 16.114 billion pounds from 16.69 billion pounds. Economists had expected a deficit of 5.95 billion pounds in February. PSCB ex in the financial year-to-February 2024 was 106.8 billion pounds, 4.6 billion pounds less than in the same eleven-month period a year ago, and the lowest for four years in nominal terms.
Central government's receipts increased in February by 7.2 billion pounds compared to February 2023, to 86.4 billion pounds. Meanwhile, the central government's total expenditure was 89.6 billion pounds, 2.9 billion pounds more than in February.
Public sector net debt excluding public sector banks at the end of February was 2,659.4 billion pounds (+157.4 billion pounds compared to February 2023) and was provisionally estimated at around 97.1% of the UK's GDP. This is 2.3% points higher than in February 2023 and remains at levels last seen in the early 1960s. Excluding the Bank of England, public sector net debt was 2,423.5 billion pounds, or around 88.5% of GDP.