NS&I Net Financing target increased for 2025-26 and provisional Q2 2025-26 results
Today’s Budget has confirmed that NS&I’s Net Financing target for 2025-26 has been increased to £13 billion (+/- £4 billion). NS&I’s original target for 2025-26, set at the Spring Statement 2025, was £12 billion (+/- £4 billion). The change to NS&I’s Net Financing target will complement finance raised via gilt issuance by the Debt Management Office (DMO) to meet the government financing requirements in 2025-26.
Provisional Q2 2025-26 results
NS&I also today published its unaudited quarterly results for the second quarter (July-September 2025) of the financial year 2025-26. In Q2 2025-26, NS&I delivered £1.4 billion of Net Financing, giving a half-year total of £3.9 billion.
NS&I Chief Executive, Dax Harkins, said:
“Our Net Financing target for 2025-26 was set at £12 billion – £3 billion higher than the previous year – and we are pleased to be able to support a further increase of £1 billion, taking the target to £13 billion. Our pricing is designed to meet this revised target and maintain market stability, and we expect our performance to continue steadily through the second half of the financial year.”
Unaudited Q1 and Q2 2025-26 results (1 April – 30 September 2025)*
| Qtr / year | Gross inflows (including reinvestments) £bn
| C&AIP** £bn
| Gross outflows £bn
| Net Financing £bn
| Total stock £bn
|
Q2 2025-26 (unaudited) | 15.4 | 2.1 | 16.2 | 1.4 | 243.9 |
Q1 2025-26 (unaudited) | 14.2 | 2.4 | 14.1 | 2.5 | 242.6
|
NS&I financial results 2020-21 to 2024-25*
| Year | Gross inflows (including reinvestments) £bn | C&AIP** £bn
| Gross outflows £bn | Net Financing £bn | Total stock £bn |
| 2024-25 | 57.3 | 9.3 | 57.0 | 9.8 | 240.1 |
| 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 |
All figures are in £ billion and are subject to rounding.
*All figures from 2021-22 onwards (with the exception of Net Financing) include Green Savings Bonds.
**C&AIP is capitalised and accrued interest and prizes earned. All figures are in £ billion and subject to rounding.
Notes to Editors
- NS&I reports quarterly on gross inflows and outflows, Net Financing and total stock. Net Financing excludes Green Savings Bonds, as they are a policy product.
- 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.
- NS&I’s 2024-25 Annual Report and Accounts was published on 3 July 2025 and can be downloaded here.
- 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.
- Further information on NS&I, including press releases and product information, is available on the website at nsandi.com.