NS&I delivered £1.3 billion of Net Financing to the Government in Q1 2022-23. The figure is part of NS&I’s latest unaudited quarterly results for the first quarter (April-June 2022) of the financial year 2022-23.
The March 2022 Spring Statement set NS&I’s Net Financing target for 2022-23 at £6 billion (+/- £3 billion).
NS&I Chief Executive, Ian Ackerley, said: “NS&I is one of the largest savings organisations in the UK, offering a range of savings and investments to more than 25 million customers. We’re pleased to have delivered £1.3 billion of Net Financing to the government in the first quarter of 2022-23.
“As we moved into Q2, we made a series of interest rate changes across our products, including the rate that we apply to Premium Bonds. This has ensured our products remain competitive in an ever changing savings market, and that we continue to successfully deliver finance for the government.”
In July, NS&I announced a range of interest rate increases to many of its products, boosting the savings of more than 1.3 million people. The interest rate paid on Direct Saver, Income Bonds, Direct ISA and Junior ISA increased from 21 July 2022. The interest rate paid on Guaranteed Growth Bonds, Guaranteed Income Bonds and Fixed Interest Savings Certificates increased from 1 August 2022.
This followed the increase in the Premium Bonds prize fund rate in June 2022, which improved the odds of winning from 34,500 to 1 to 24,500 to 1 and saw an additional 1.4 million prizes paid out in the June prize draw.
The changes ensure that NS&I’s products are priced appropriately when compared with the rest of the savings market. They also ensure that NS&I continues to balance the interests of savers, taxpayers and the broader financial services sector.
Unaudited Q1 2022-23 results (1 April – 30 June 2022)
|
Quarter |
Gross inflows (including reinvestments) £bn
|
C&AIP* £bn |
Gross outflows £bn |
Net Financing £bn |
Total stock (as at 30 June) £bn |
|
Q1 2022-23 |
10.2 |
1.2 |
10.0 |
1.3 |
209.0 |
|
Q1 2021-22 |
12.2 |
0.6 |
13.0 |
-0.2 |
202.8 |
NS&I financial results 2017-18 to 2021-22
|
Year |
Gross inflows (including reinvestments) £bn |
C&AIP* £bn |
Gross outflows £bn |
Net Financing £bn |
Total stock £bn |
|
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 |
|
2017-18 |
42.7 |
2.5 |
35.4 |
9.8 |
156.7 |
*C&AIP is capitalised and accrued interest and prizes earned. All figures are in £ billion and subject to rounding.
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.
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Notes to Editors
- NS&I is one of the largest savings organisations in the UK, offering a range of savings and investments to 25 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 2021-22 Annual Report and Accounts was published on 28 June 2022 and can be downloaded here .
- For further information, please contact the NS&I media team.