UK public sector accounts reflected a £15.4 billion surplus in January, below expectations of a £20.0 billion surplus.

• This was a £0.8 billion larger surplus than last year, and the highest January surplus since monthly records began in 1993.
• Total public sector spending was £111.1 billion, up £7.3 billion from a year ago.
• Total public sector receipts were £126.6 billion, up £8.1 billion from a year ago.
• Central government tax receipts increased by £7.7 billion to £97.0 billion; this included increases of £6.9 billion in Income Tax and £0.4 billion in Corporation Tax.

UK public sector net borrowing was £20.2 billion (vs £17.9 billion expected) in April 2025, up £1.0 billion YoY and the fourth-highest April borrowing figure since records began in 1993.

• The current budget deficit for April was £13.9 billion, down -£0.4 billion YoY, while net investment rose £1.4 billion to £6.2 billion.
• Central government borrowed £26.9 billion in April, while the BoE posted a £2.6 billion surplus; total public sector net debt reached 95.5% of GDP, up 0.7 ppts YoY.
• Central government current receipts rose £5.1 billion YoY to £82.9 billion, led by a £3.6 billion increase in tax revenues and a £1.7 billion gain in social contributions.
• Expenditures increased £4.2 billion YoY to £93.9 billion, driven by departmental costs and benefit payments; debt interest fell by -£0.5 billion to £9.0 billion.

• For the FYE March 2025, borrowing totaled £148.3 billion, up £17.2 billion YoY and £11.0 billion above OBR forecasts, with a current budget deficit of £70.3 billion and net investment of £78.0 billion.