Public Sector Net Borrowing in United Kingdom

Public Sector Net Borrowing measures the gap between UK public spending and receipts in the month, excluding public sector banks to avoid distortions from bank interventions or nationalisations. It is the monthly deficit measure markets watch, published by the ONS.

It is published monthly by the ONS in the Public Sector Finances, UK release as an unadjusted figure (excluding public sector banks), in pounds sterling.

A larger-than-expected deficit pushes gilt yields higher and narrows the Government's fiscal headroom, a key factor ahead of the Budget and the OBR's forecasts.

Highly volatile month to month owing to the seasonality of tax receipts (January, for instance, concentrates self-assessment income tax) and subject to significant revisions.