- Q3 2022-23 Net Financing of £0.5 billion
- As of 31 December 2022, Net Financing total of £3.9 billion, against a whole-year target of £6 billion (+/- £3 billion)
- 2022-23 Net Financing whole-year forecast is £6.1 billion (excluding Green Savings Bonds)
- 2023-24 Net Financing target: £7.5 billion (+/- £3 billion)
NS&I today published its unaudited quarterly results for the third quarter of the financial year 2022-23 (October-December 2022). Net Financing for the quarter was £0.5 billion, giving a year-to-date total of £3.9 billion.
Today’s Spring Budget confirms that NS&I’s whole-year Net Financing forecast for 2022-23 is £6.1 billion (excluding Green Savings Bonds). This is in line with its Net Financing target of £6 billion (+/- £3 billion), set out in the Spring Statement on 23 March 2022.
NS&I’s overall Net Financing performance for 2022-23 will be announced as part of its annual results later in 2023.
In the context of a rising savings market, driven by the succession of base rate increases made by the Bank of England during the year, NS&I has responded with a series of interest rate increases to its variable and fixed term products, in line with its operating framework to balance the interests of savers, taxpayers and the broader financial services sector.
These changes include five increases to the Premium Bonds prize fund rate; bringing 1-year Issues of Guaranteed Growth Bonds and Guaranteed Income Bonds back on sale; and increasing interest rates on Direct Saver, Income Bonds and Direct ISA.
2023-24
In the Spring Budget 2023, it has been confirmed that NS&I will have a 2023-24 Net Financing target of £7.5 billion (+/- £3 billion). This target excludes proceeds from Green Savings Bonds.
Unaudited Q1, Q2 and Q3 2022-23 results (1 April – 31 December 2022)
|
Qtr / year |
Gross inflows (including reinvestments) £bn** |
C&AIP* £bn** |
Gross outflows £bn** |
Net Financing £bn*** |
Total stock (as at 31 December 2022) £bn**
|
|
Q3 2022-23 (unaudited) |
11.3 |
1.6 |
12.4 |
0.5 |
211.9 |
|
Q2 2022-23 (unaudited) |
11.5 |
1.1 |
10.4 |
2.1 |
211.2 |
|
Q1 2022-23 (unaudited) |
10.2 |
1.2 |
10.0 |
1.3 |
209.0 |
All figures are in £ billion and are subject to rounding. 2022-23 figures are provisional, unaudited and subject to change due to transaction processing (evidence of identity) adjustments, cancellation and any accounting adjustments.
*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 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 |
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. NS&I issues these unaudited figures each quarter, and publishes its Annual Report and audited accounts each financial year. Net Financing excludes Green Savings Bonds, as they are a policy product.
–Ends–
Notes to Editors
1. 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.
2. 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.
3. NS&I’s 2021-22 Annual Report and Accounts was published on 28 June 2022 and can be downloaded here .
4. For further information, please contact the NS&I media team.