NS&I Provisional Q3 2024-25 Results and 2025-26 Net Financing Target
- Q3 2024-25 Net Financing of £5.5 billion
- As of 31 December 2024, Net Financing total of £8.9 billion, against a whole-year target of £9 billion (+/- £4 billion)
- 2024-25 Net Financing whole-year forecast is £10.5 billion (excluding Green Savings Bonds)
- 2025-26 Net Financing target: £12 billion (+/- £4 billion)
NS&I today published its unaudited quarterly results for the third quarter of the financial year 2024-25 (October-December 2024). Net Financing for the quarter was £5.5 billion, giving a year-to-date total of £8.9 billion.
Today’s Spring Statement confirms that NS&I’s whole-year Net Financing forecast for 2024-25 is £10.5 billion (excluding Green Savings Bonds). This is in line with its Net Financing target of £9 billion (+/- £4 billion), set out in the Spring Budget on 6 March 2024.
NS&I’s overall Net Financing performance for 2024-25 will be announced as part of its annual results later in 2025.
In the context of base rate reductions made by the Bank of England since August 2024 and corresponding changes in the wider market, NS&I has responded with a series of interest rate reductions to its variable and fixed-term products. This is in line with its operating framework to balance the interests of savers, taxpayers and the broader financial services sector.
Net Financing 2025-26
In the Spring Statement 2025, it has been announced that NS&I will have a 2025-26 Net Financing target of £12 billion (+/- £4 billion). This target continues to exclude proceeds from Green Savings Bonds, which sits outside Net Financing.
Unaudited Q1, Q2 and Q3 2024-25 results (1 April – 31 December 2024)*
| Qtr / year | Gross inflows (including reinvestments) £bn | C&AIP** £bn
| Gross outflows £bn
| Net Financing £bn
| Total stock £bn
|
Q3 2024-25 (unaudited) | 16.3 | 2.4 | 13.2 | 5.5 | 239.4 |
Q2 2024-25 (unaudited) | 15.8 | 2.3 | 15.4 | 2.6 | 234.0 |
Q1 2024-25 (unaudited) | 11.7 | 3.0 | 13.9 | 0.7 | 231.3 |
NS&I financial results 2019-20 to 2023-24*
| 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.
*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.
–Ends–
Notes to Editors
- 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. Net Financing excludes Green Savings Bonds, as they are a policy product.
- NS&I’s Annual Report and Accounts 2023-24 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.