NS&I delivered £2.1 billion of Net Financing to the Government in Q1 2023-24. The figure is part of NS&I’s latest unaudited quarterly results for the first quarter (April-June 2023) of the financial year 2023-24.
The Spring Budget in March 2023 set NS&I’s Net Financing target for 2023-24 at £7.5 billion (+/- £3 billion).
NS&I Chief Executive, Dax Harkins, said:
“I’m pleased that we were able to deliver £2.1 billion of Net Financing to the Government in the first quarter of 2023-24.
“In a dynamic savings market, we’ve continued to support savers with successive interest rate increases across our variable and fixed term products, including increasing the Premium Bonds prize fund rate to the highest it’s been since March 1999 for the September draw.
“These rate increases ensure that our savings products remain attractive to customers, whilst allowing us to continue to balance the interests of savers, taxpayers and the broader financial services sector.”
Unaudited Q1 2023-24 results (1 April – 30 June 2023)
|
Quarter |
Gross inflows (including reinvestments) £bn
|
C&AIP* £bn |
Gross outflows £bn |
Net Financing £bn |
Total stock (as at 30 June £bn)
|
|
Q1 2023-24
|
13.7** |
2.0** |
13.5** |
2.1*** |
220.5** |
|
Q1 2022-23
|
10.2** |
1.2** |
10.0** |
1.3*** |
209.0** |
NS&I financial results 2018-19 to 2022-23
|
Year |
Gross inflows (including reinvestments) £bn
|
C&AIP* £bn
|
Gross outflows £bn |
Net Financing £bn |
Total stock (as at 31 March) £bn |
|
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 |
|
2019-20
|
38.2 |
2.6 |
29.2 |
11.6 |
179.2 |
|
2018-19
|
37.3 |
2.4 |
28.9 |
10.8 |
167.6 |
All figures are in £ billion and are subject to rounding.
*C&AIP is capitalised and accrued interest and prizes earned. All figures are in £ billion and subject to rounding.
**Including Green Savings Bonds.
***Excluding Green Savings Bonds.
NS&I reports quarterly on gross inflows and outflows, Net Financing and total stock. Each quarter, NS&I issues these unaudited figures and publishes its Annual Report and audited accounts each financial year. Net Financing excludes Green Savings Bonds as they are a policy product.
Notes to Editors
- NS&I is one of the largest savings organisations in the UK, offering a range of savings and investments to more than 24 million customers. All products offer 100% capital security, because NS&I is backed by HM Treasury.
- Net Financing – the measure of the net change of NS&I funds, meaning total inflows from deposits, retention of maturing monies and capitalised and accrued interest, less the total outflows from withdrawals and interest or Premium Bonds prize draw payments. A positive Net Financing figure represents a positive contribution to government financing.
- NS&I’s 2022-23 Annual Report and Accounts was published on 29 June 2023 and can be downloaded here.
- For further information, please contact the NS&I media team.