Today’s Autumn Budget has confirmed that NS&I’s Net Financing target for 2018-19 has been revised to £9 billion (in a range of £3 billion either side of this, from £6 billion to £12 billion). NS&I’s original target for 2018-19 was £6 billion (in a range of £3 billion either side of this, from £3 billion to £9 billion).
The change to the target reflects higher than expected Net Financing being delivered in the first half of 2018-19, as a result of changing conditions in the savings market.
Provisional Q2 2018-19 results
NS&I also today published its unaudited quarterly results for the second quarter (July-September 2018) of the financial year 2018-19. In Q2 2018-19, NS&I delivered £2.5 billion of Net Financing, giving a half-year total of £5.6 billion. NS&I’s latest quarterly Value Indicator figure is £7 million, giving a half-year total of £43 million.
NS&I’s Value Indicator target for 2018-19 is to deliver £125 million of value, but with a lower limit of £0 (zero), (excluding Investment Guaranteed Growth Bonds and 65+ Bonds). The lower limit is important because it allows NS&I to continue to balance the interests of its savers, taxpayers and the stability of the broader financial services sector through a period of low gilt yields.
Provisional Q2 2018-19 results (1 July – 30 September 2018)
Provisional Q2 2018-19 results (1 July – 30 September 2018)
|
Qtr / year |
Gross inflows £bn
|
C&AIP* £bn
|
Gross outflows £bn
|
Net Financing £bn
|
Total stock £bn
|
Value Indicator £bn |
|
Q2 2018-19 (unaudited) |
8.3 |
0.6 |
6.4 |
2.5 |
162.3 |
0.01**** |
|
Q1 2018-19 (unaudited) |
11.0 |
0.7 |
8.6 |
3.1 |
159.8 |
0.04*** |
|
2017-18 |
42.7 |
2.5 |
35.4 |
9.8 |
156.7 |
0.2*** |
|
2016-17 |
35.0 |
2.3 |
25.5 |
11.8 |
146.9 |
0.1** |
|
2015-16 |
31.5 |
2.1 |
22.3 |
11.3 |
135.1 |
0.1** |
|
2014-15 |
32.3 |
1.6 |
15.7 |
18.2 |
123.9 |
0.3** |
|
2013-14 |
16.4 |
2.0 |
14.9 |
3.4 |
105.7 |
0.3 |
All figures are in £ billion and are subject to rounding. Q2 2018-19 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.
**Excluding 65+ Bonds.
***Excluding 65+ Bonds and Investment Guaranteed Growth Bonds.
****Excluding Investment Guaranteed Growth Bonds.