UK government borrowing more than halved in the 2021-22 financial year ending in March as the economy rebounded from the pandemic.
- The initial estimate of public sector net borrowing for 2021-22 was £151.8 billion in 2021-22, down nearly 50% from the £317.6 billion in 2021. Borrowing in March of £18.1 billion was the second-highest on record.
- The level of government borrowing, accounting for 6.4% of national income, was lower than the total of the five years after the 2007 financial crisis, signaling a more rapid economic recovery from the virus.
- The public sector current budget deficit was £89.5 billion, accounting for 3.8% of GDP in March 2022, marking the sixth-highest FY current budget deficit since 1947.
- The central government’s daily expenditure was £893.3 billion in March 2022, £50.3 billion less than in March 2021.
Public sector debt, excluding public sector banks and the Bank of England, increased by £121.9 billion to £2,025.1 billion in March.
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Source: Office for National Statistics
