UK public borrowing has dropped more than 50% since its peak during the pandemic, but debt servicing costs are surging rapidly.
- Borrowing for the first 11 months of the 2021/2022 financial year was 138.4B pounds ($182.3B). This is 52% below the record 290.9B pounds borrowed from April 2020 to February 2021.
- UK public borrowing for the 2021/22 fiscal year is comfortably on track to fall below the 183 billion pounds forecast by the Office for Budget Responsibility due to stronger-than-expected tax revenue.
- Debt serving costs in February jumped 53% higher than the prior-year at 8.2 billion pounds.
- Public sector net debt, excluding state-owned banks, amounted to 2.327 trillion pounds or 94.7% of GDP.
- Central government receipts stood at 71.9 billion pounds in February 2022, increasing by 5.8 billion pounds from the same period last year.
In February 2022, self-assessment income tax receipts stood at 3.1 billion pounds, 1.2 billion pounds lower than the same period last year.
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Source: Office for National Statistics.
