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UK public sector borrowing hit GBP151.81 billion in the 2021/22 fiscal year, well above the Office for Budget Responsibility's estimate of GBP127.8 billion, according to data released by the Office for National Statistics on Tuesday. It was the third highest fiscal year borrowing on record, behind the GBP318 billion borrowed in the 2020/21 fiscal year and the GBP157.8 billion borrowing in 2009/10, during the depths of the financial crisis.
The debt-to-GDP ratio rose to 96.2% from 93.9% previously, although the debt ratio excluding Bank of England declined to 83.1% from 83.8% a year earlier. Borrowing, as a percentage of GDP, fell to 6.4% from 14.8% last year.
CGNR, excluding exceptional items, declined to GBP129.205 billion from GBP334.494 billion. The March outturn declined to GBP18.677 billion from GBP20.752 billion a year earlier. The Debt Management Office will use the FY number to amend the current Gilt borrowing remit. Debt interest payments soared 77% y/y to GBP69.9 billion.
Source: ONS
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.