UK public sector net borrowing stood at £1.1 billion (vs £2.6 billion expected) in July 2025, down -£2.3 billion YoY, marking the lowest July figure in three years.

• Self-assessed Income Tax receipts rose to £15.5 billion (+£2.7 billion YoY), though timing effects mean July–August combined figures provide a clearer comparison.

• FY-to-date borrowing (Apr–Jul 2025) reached £60.0 billion (+£6.7 billion YoY), the third-highest on record for this period after 2020 and 2021.

• The current budget was in a £3.3 billion surplus in July, but the FY-to-date deficit widened to £42.8 billion (+£5.4 billion YoY).

• Public sector net debt was 96.1% of GDP at end-July (+0.5 ppts YoY), while net financial liabilities were 83.9% of GDP (+2.3 ppts YoY).

• Central government receipts rose £8.8 billion YoY to £100.1 billion, led by Income Tax (+£4.5 billion), VAT (+£0.9 billion), and National Insurance contributions (+£2.6 billion).

• Expenditure increased £5.3 billion YoY to £92.1 billion, driven by departmental spending (+£2.9 billion), higher social benefits (+£1.6 billion), and debt interest (+£0.2 billion).