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NS&I 2020-21 Net Financing Target revised to £35 billion and NS&I issues provisional Q1 2020-21 results

HM Treasury has today confirmed that NS&I’s Net Financing target for 2020-21 has been revised from £6 billion (+/- £3 billion) to £35 billion (+/- £5 billion) to reflect government finance requirements arising from Covid-19.

NS&I’s Annual Report & Accounts 2019-20, published on 23 June 2020, stated that NS&I’s £6 billion Net Financing target announced in the March 2020 Budget would be subject to in-year revision. Today’s new target may be subject to further revision during the year, depending on the government finance requirement.

Provisional Q1 2020-21 results

NS&I today published its unaudited figures for the first quarter, April-June 2020-21. NS&I delivered £14.5 billion of Net Financing in the first 3 months of the year.

NS&I announced at the Budget that its Value Indictor target had been suspended for three months. This suspension has been extended for a further three months to 30 September 2020 to reflect ongoing exceptional market conditions.

Unaudited Q1 2020-21 results (1 April-30 June 2020)


Gross inflows (including reinvestments)





Gross outflows


Net Financing


Total stock (as at 30 June


Value Indicator



Q1 2020-21







Q1 2019-20







All figures are in £ billion and are subject to rounding. Q1 2020-21 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.

***Excluding 65+ Bonds and Investment Guaranteed Growth 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.

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