UK Borrowing in FYE in Mar 2021 Highest Since WW2

MAR PSNB-X GBP 28,005BN VS GBP 7,015BN IN MAR 2020

MAR CGNCR GBP 25,226BN VS GBP 20,731BN MAR 2020

MAR PSNCR GBP 19,225BN VS GBP 9,138BN MAR 2020

MAR DEBT/GDP RATIO EX-BOE 87.5% VS 76.1% MAR 2020

MAR YTD BORROWING GBP 303.1BN VS GBP 57.1BN MAR 2020

• UK year-to-date borrowing rose GBP 303.1bn in Mar, GBP 246.1bn more than in the same period a year ago and the highest borrowing in any financial year since records began in March 1947. Borrowing was 14.5% of GDP in the FYE Mar 2021, its highest ratio since end of WW2 when it was 15.2% (FYE Mar 1946).
• This is below the OBR's forecast of GBP 354.6bn (note that the OBR forecast includes write-offs of business loans, the ONS figure doesn't yet).
• CGNCR for the FYE in 2021 was GBP 334.5bn, which is a record high
• Borrowing (ex-banking groups) was estimated at GBP 28,005bn in Mar, which is GBP 21.0bn more than in Mar 2020 and the highest Mar borrowing on record.
• Debt-to-GDP was 97.7% in Mar, maintaining a level not seen since the early 1960s.
• Central gov. tax receipts registered at GBP 523.6bn in the FYE Mar 2021, GBP 34.2bn less than in the last fin. year, due to considerable declines in taxes such as VAT, business rates and fuel duty.
• Day-to-day central gov. spending was estimated at GBP 941.7bn in the FYE in Mar 2021, GBP 203.2bn more than in the previous financial year, including GBP 78.2bn for the CJSS.