NS&I Annual Report 2023-24 published
NS&I delivered £11.3 billion of Net Financing to the Government in 2023-24
- NS&I met four and missed two of its six service delivery measures
NS&I’s Annual Report and Accounts 2023-24, published today , shows that the organisation has raised cost-effective financing for government and remained a compelling choice for savers.
In total, NS&I met four and missed two of its six service delivery measures in 2023-24. NS&I met the service delivery measures for: Government Payment Services delivery performance, Digital-first, Efficient administration of funds, and Employee engagement.
NS&I did not meet its service delivery measures for: Net Financing, and Customer satisfaction. See pages 16-17 of NS&I’s Annual Report and Accounts for full details.
NS&I delivered £11.3 billion of Net Financing to the Government in 2023-24, above the target for the year, which was £7.5 billion (+/- £3 billion). NS&I was on track to meet its Net Financing target in December 2023; however, while still substantial, repayments to customers in January and February 2024 did not materialise to the levels anticipated.
2023-24 annual results
| Year | Gross inflows (including reinvestments) £bn
| C&AIP* £bn
| Gross outflows £bn | Net Financing £bn | Total stock £bn |
| 2023-24 | 65.7** | 8.7** | 62.1** | 11.3*** | 230.5** |
| 2022-23 | 53.7** | 5.5** | 48.6** | 10.0*** | 218.3** |
| 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 |
All figures are in £ billion and are subject to rounding.
*C&AIP is capitalised and accrued interest and prizes earned. All figures are in £ billion and subject to rounding.
**Including Green Savings Bonds.
***Excluding Green Savings Bonds.
Notes to Editors
1. NS&I reports quarterly on gross inflows and outflows, Net Financing and total stock. Each quarter, NS&I releases unaudited figures and has published its audited Annual Report and audited accounts for 2023-24, which can be downloaded here . Net Financing excludes Green Savings Bonds, as they are a policy product.
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 is one of the largest savings organisations in the UK, offering a range of savings and investments to more than 24 million customers. All products offer 100% capital security, because NS&I is backed by HM Treasury.