20th March 2026
Borrowing: the difference between total public sector spending and income was £14.3 billion in February 2026. This was £2.2 billion more than in February 2025, largely because of the timing of central government debt interest payable (see Figure 2), and the second highest February borrowing since monthly records began in 1993, behind that of 2021.
Borrowing in the financial year to February 2026 was £125.9 billion; this was £11.9 billion or 8.7% less than in the same 11-month period a year ago, but still the fourth-highest April to February borrowing on record (not adjusted for inflation).
Borrowing in the financial year to February 2026 was provisionally estimated at 4.1% of gross domestic product (GDP); this was 0.6 percentage points less than in the same 11-month period a year ago.
The current budget deficit (borrowing to fund day-to-day public sector activities) was £5.1 billion in February 2026; this brings the total current budget deficit in the financial year to February 2026, to £62.1 billion, which is £16.7 billion, or 21.1% less than in the same 11-month period a year ago.
Public sector net debt excluding public sector banks (a measure of the amount of money owed to the UK private sector and overseas less any liquid assets held) was provisionally estimated at 93.1% of GDP at the end of February 2026 and remains at levels last seen in the early 1960s.
Public sector net financial liabilities excluding public sector banks (which considers a wider range of financial assets and liabilities than net debt) were provisionally estimated at 82.5% of GDP at the end of February 2026, 10.6 percentage points less than for public sector net debt.
Central government net cash requirement (excluding UK Asset Resolution Ltd and Network Rail Ltd) - the additional cash needed to be raised from the financial markets to finance activities - was £9.1 billion in February 2026; this was a £0.6 billion more than in February 2025.
Read the full ONS report HERE