According to the Office for National Statistics’ latest public sector finances release, UK public sector borrowing reached £99.8 billion in the six months to September 2025. That is £11.5bn higher than the same period in 2024 and the second-highest April–September total since monthly records began in 1993, after 2020. September’s monthly deficit was £20.2bn, up £1.6bn year on year.
ICAEW notes the half-year position is broadly consistent with plans but running ahead of the budget profile: the cumulative deficit is £12bn higher than the first half of 2024/25 and around £7bn above the budgeted trajectory for April–September. The full-year deficit is budgeted at £118bn.
Public sector net debt was provisionally estimated at 95.3% of GDP at the end of September, around one percentage point higher than a year earlier. In cash terms, debt stood at £2,916bn, reflecting £100bn of net borrowing in the first half and additional cash requirements.
This month’s figures incorporate revisions, including a correction to VAT receipts announced by HMRC and broader ONS updates. Methodological changes have also lifted the estimated GDP by around 1%, revising down historical debt-to-GDP ratios. Users should note that the ONS cautions that monthly estimates are subject to further revision as more complete data becomes available.
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