Budget 2025: NS&I Net Financing target increased for 2025-26 and provisional Q2 2025-26 results
Today’s Budget has confirmed that NS&I’s Net Financing target for 2025-26 has been increased to £13 billion (+/- £4 billion). NS&I’s original target for 2025-26, set at the Spring Statement 2025, was £12 billion (+/- £4 billion). The change to NS&I’s Net Financing target will complement finance raised via gilt issuance by the Debt Management Office (DMO) to meet the government financing requirements in 2025-26.
Provisional Q2 2025-26 results
NS&I also today published its unaudited quarterly results for the second quarter (July-September 2025) of the financial year 2025-26. In Q2 2025-26, NS&I delivered £1.4 billion of Net Financing, giving a half-year total of £3.9 billion.
NS&I Chief Executive, Dax Harkins, said:
“Our Net Financing target for 2025-26 was set at £12 billion – £3 billion higher than the previous year – and we are pleased to be able to support a further increase of £1 billion, taking the target to £13 billion. Our pricing is designed to meet this revised target and maintain market stability, and we expect our performance to continue steadily through the second half of the financial year.”
Unaudited Q1 and Q2 2025-26 results (1 April – 30 September 2025)*
Qtr / year Gross inflows (including reinvestments) £bn C&AIP** £bn Gross outflows £bn Net Financing £bn Total stock £bn Q2 2025-26 (unaudited) 15.4 2.1 16.2 1.4 243.9 Q1 2025-26 (unaudited) 14.2 2.4 14.1 2.5 242.6
NS&I financial results 2020-21 to 2024-25*
Year Gross inflows (including reinvestments) £bn C&AIP** £bn Gross outflows £bn Net Financing £bn Total stock £bn 2024-25 57.3 9.3 57.0 9.8 240.1 2023-24 65.7 8.7 62.1 11.3 230.5 2022-23 53.7 5.5 48.6 10.0 218.3 2021-22 44.9 2.5 42.7 4.4 207.6 2020-21 86.2 2.2 64.6 23.8 203.0
All figures are in £ billion and are subject to rounding.
*All figures from 2021-22 onwards (with the exception of Net Financing) include Green Savings Bonds.
**C&AIP is capitalised and accrued interest and prizes earned. All figures are in £ billion and subject to rounding.
