Latest data on government net borrowing and net debt.Jump to full report >>
The ONS has released its third provisional estimate for borrowing in 2017/18. The ONS estimates that government borrowed £39.5 billion in 2017/18, equivalent to 1.9% of GDP. Borrowing in 2017/18 was £6.2 billion lower than in 2016/17.
The provisional estimate for 2017/18 is likely to be revised as the ONS replaces initial estimates with provisional and then final outturn data.
At the end of May 2018 public sector net debt was equivalent to 85.0% of GDP, 0.4% of GDP lower than in May 2018.
The ONS’s figures for 2017/18 are provisional: they are not final figures and may be revised over the coming months as provisional data are replaced with finalised and audited data.
Net borrowing – often described as the deficit – is the difference between what the government spends and what it receives in taxes over a particular time period.
Net debt is the total amount that the public sector owes – it is largely the stock of past borrowing.
All figures exclude public sector banks.