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)
|
Quarter |
Gross inflows (including reinvestments) £bn
|
C&AIP* £bn |
Gross outflows £bn |
Net Financing £bn |
Total stock (as at 30 June £bn) |
Value Indicator £bn
|
|
Q1 2020-21 |
19.9 |
0.6 |
6.0 |
14.5 |
193.7 |
N/A |
|
Q1 2019-20 |
8.1 |
0.8 |
6.8 |
2.0 |
169.6 |
-0.10*** |
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.