UK borrows less than forecast in February - ONS

The Office for National Statistics said that public sector net borrowing (excluding public sector banks, PSNB ex) is estimated to have been £19.1 billion in February 2021, £17.6 billion more than in February 2020, which is the highest February borrowing since monthly records began in 1993. Economists had expected borrowing at £21.0 billion.

Central government tax receipts are estimated to have been £46.2 billion in February 2021 (on a national accounts basis), £1.5 billion lower than in February 2020, with notable falls in taxes on production such as Value Added Tax (VAT), Business Rates and Fuel Duty.

Central government bodies are estimated to have spent £72.6 billion on day-to-day activities (current expenditure) in February 2021, £14.2 billion more than in February 2020; this includes £3.9 billion expenditure on coronavirus job support schemes.

Public sector net borrowing (excluding public sector banks, PSNB ex) in the financial year-to-February 2021 is estimated to have been £278.8 billion, £228.2 billion more than in the same period last year and the highest public sector borrowing in any April to February period since records began in 1993.

Public sector net debt (excluding public sector banks, PSND ex) rose by £333.0 billion over the 11 months of the financial year-to-February 2021, taking it to £2,131.2 billion or around 97.5% of gross domestic product (GDP); maintaining a level not seen since the early 1960s.