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.



Notes to Editors

  1. 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.
  2. 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 and interest or Premium Bonds prize draw payments. A positive Net Financing figure represents a positive contribution to government financing.
  3. NS&I’s Annual Report & Account was published on 23 June 2020 and can be downloaded here in PDF format.
  4. NS&I reports quarterly on gross inflows and outflows, Net Financing and total stock. Each quarter, NS&I releases unaudited figures and publishes its audited Annual Report and audited accounts each financial year.
  5. Value Indicator – an indication of NS&I’s cost-effectiveness in raising finance for the Government. In general, it compares the total cost of delivering Net Financing and servicing existing customers’ deposits with how much it would cost the Government to raise funds through the wholesale market via equivalent gilts. Some adjustments and assumptions are made to the calculation, including in identifying and applying an equivalent gilt, in response to specific NS&I product features. Index-linked Savings Certificates are included in the calculation of the Value Indicator and use the same approach as for other products, with one exception to the formula. As the real yield gilt comparators for RPI linked products are currently negative, NS&I applies a floor to the comparative yield set at zero, which means the calculation does not fully reflect the Value Indicator profile of this product. The Value Indicator methodology is agreed with HM Treasury and is reviewed and revised periodically, with its agreement, to support a long-term approach to product strategy. This measure is currently suspended until 30 September 2020.

For further information, please contact the NS&I media team.

NS&I media team

Sara Brown 020 7932 6874 sara.brown@nsandi.com

Chris Dowsett 020 7932 6799 chris.dowsett@nsandi.com

Sam Faulkner 020 7932 6801 sam.faulkner@nsandi.com

James Carr 020 7932 6829 james.carr@nsandi.com

Out of hours: All numbers above diverted to staff mobile phones

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