NS&I Provisional Q3 2025–26 Results and 2026–27 Net Financing Target
- Q3 2025 Net Financing: £5.9 billion
- As of 31 December 2025: Net Financing total of £9.9 billion, against a whole-year target of £13 billion (+/- £4 billion)
- 2025–26 Net Financing whole-year forecast: £13.6 billion (excluding Green Savings Bonds)
- 2026–27 Net Financing target: £15 billion (+/- £4 billion)
NS&I today published its unaudited quarterly results for the third quarter of the financial year 2025–26 (October–December 2025). Net Financing for the quarter was £5.9 billion, giving a year-to-date total of £9.9 billion.
Today’s Spring Forecast confirms that NS&I’s whole-year Net Financing forecast for 2025–26 is £13.6 billion (excluding Green Savings Bonds). This is in line with its revised Net Financing target of £13 billion (+/- £4 billion), set out in the Autumn Budget on 26 November 2025. NS&I’s original target for 2025–26, set out in the Spring Statement 2025 on 26 March 2025, was £12 billion (+/- £4 billion).
NS&I’s overall Net Financing performance for 2025–26 will be announced as part of its annual results later in 2026.
Following base rate reductions made by the Bank of England since August 2025 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 2026–27
In the Spring Forecast 2026, it has been announced that NS&I will have a 2026–27 Net Financing target of £15 billion (+/- £4 billion). This target continues to exclude proceeds from Green Savings Bonds, which sit outside Net Financing.
NS&I Chief Executive, Dax Harkins, said:
“Our Net Financing has performed well in the third quarter and we are forecast to meet our target of £13 billion for the whole year.
“We are pleased to support another increase to our Net Financing target for the coming year, with our target for 2026–27 set at £15 billion, £2 billion higher than this year. Our pricing during the next year will be designed to meet this target and maintain market stability.”
Unaudited Q1, Q2 and Q3 2025–26 results (1 April – 31 December 2025)*
| Quarter / year | Gross inflows (including reinvestments) (£bn) | C&AIP** (£bn) | Gross outflows (£bn) | Net Financing (£bn) | Total stock (£bn) |
|---|---|---|---|---|---|
| Q3 2025–26 (unaudited) | 17.9 | 2.1 | 14.1 | 5.9 | 249.8 |
| 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.
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 is 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, can be found here.
- NS&I photography and logos are available to download here.
