NS&I delivered £2.1 billion of Net Financing in Q2 2022-23, giving a half-year total of £3.4 billion. The figure is part of NS&I’s latest unaudited quarterly results for the second quarter (July-September 2022) of the financial year 2022-23.
NS&I’s Net Financing target for 2022-23, set at the March 2022 Spring Statement, is unchanged, at £6 billion (+/- £3 billion). NS&I’s overall Net Financing performance for 2022-23 will be announced as part of its annual results in the summer of 2023.
NS&I Chief Executive, Ian Ackerley, said:
“We are pleased to have delivered £2.1 billion of Net Financing to the Government in the second quarter of 2022-23. This means that in the first half of the year, we’ve delivered a total of £3.4 billion, more than halfway towards our full-year target.
“In a competitive market, we’ve increased interest rates across a range of our products, including boosting the prize fund rate for Premium Bonds, to ensure we continue to support our millions of customers across the country, while also successfully delivering finance for the Government.”
In July, NS&I announced a range of interest rate increases to many of its products, boosting the savings of more than 1.3 million people. The interest rate paid on Direct Saver, Income Bonds, Direct ISA and Junior ISA increased from 21 July 2022. The interest rate paid on Guaranteed Growth Bonds, Guaranteed Income Bonds and Fixed Interest Savings Certificates increased from 1 August 2022.
In September, NS&I announced that, from the October 2022 prize draw, the Premium Bonds prize fund rate would be increased from 1.40% to 2.20%, which added an extra £79 million to the prize fund for October. The changes also saw the number of £5,000, £10,000, £25,000, £50,000 and £100,000 prizes almost double and the odds of each £1 Premium Bond number winning a prize improved from 24,500 to 1 to 24,000 to 1. This was the second increase to the Premium Bonds prize fund rate that NS&I made in less than six months.
In October, NS&I announced further increases to interest rates across its product range, benefitting more than 2.7 million savers. The interest rate paid on Direct Saver and Income Bonds is now at the highest it has been in over a decade, with the rate on Direct ISA now at its highest level since February 2014. NS&I has also increased the interest rate it pays on its Junior ISA and Investment Account.
The interest rates paid on Guaranteed Growth Bonds, Guaranteed Income Bonds and Fixed Interest Savings Certificates will also be increased from 1 December 2022, for existing customers with maturing investments.
These changes ensure that NS&I’s products are priced appropriately when compared with the rest of the savings market. They also ensure that NS&I continues to balance the interests of savers, taxpayers and the broader financial services sector.
Unaudited Q1 and Q2 2022-23 results (1 April – 30 September 2022)
|
Qtr / year |
Gross inflows (including reinvestments) £bn |
C&AIP* £bn |
Gross outflows £bn |
Net Financing £bn |
Total stock (as at 30 September) £bn |
|
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 |
Unaudited Q2 2022-23 results (1 July – 30 September 2022)
|
Qtr / year |
Gross inflows (including reinvestments) £bn |
C&AIP* £bn |
Gross outflows £bn |
Net Financing £bn |
Total stock (as at 30 September £bn) |
|
Q2 2022-23 (unaudited) |
11.5 |
1.1 |
10.4 |
2.1 |
211.2 |
|
Q2 2021-22 |
10.1 |
0.6 |
9.8 |
0.8 |
203.6 |
Unaudited Q1 2022-23 results (1 April – 30 June 2022)
|
Qtr / year |
Gross inflows (including reinvestments) £bn |
C&AIP* £bn |
Gross outflows £bn |
Net Financing £bn |
Total stock (as at 30 June £bn) |
|
Q1 2022-23 (unaudited) |
10.2 |
1.2 |
10.0 |
1.3 |
209.0 |
|
Q1 2021-22 |
12.2 |
0.6 |
13.0 |
-0.2 |
202.8 |
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. Q2 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.
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.
Notes to editors
Notes to Editors
- 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.
- 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, interest, and Premium Bonds prize draw payments. A positive Net Financing figure represents a positive contribution to government financing.
- NS&I’s 2021-22 Annual Report and Accounts was published on 28 June 2022 and can be downloaded here.
- For further information, please contact the NS&I media team.
NS&I media team
Sara Brown 07583 139 113 sara.brown@nsandi.com
Sam Faulkner 07814 859 160 sam.faulkner@nsandi.com
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Website: nsandi.com