Our performance

In 2022-23, NS&I delivered £10.0 billion of Net Financing, against a whole year target of £6 billion (+/- £3 billion), excluding Green Savings Bonds.

In Q3 2022-23, NS&I delivered £0.5 billion of Net Financing, giving a half-year total of £3.9 billion. This is as at Q3 2022-23 and is against a whole year Net Financing target for 2022-23 of £6 billion (+/- £3 billion). As at 15 March 2023, NS&I's 2022-23 Net Financing whole-year forecast is £6.1 billion (excluding Green Savings Bonds). 

In Q2 2022-23, NS&I delivered £2.1 billion of Net Financing, giving a half-year total of £3.4 billion. This is as at Q2 2022-23 and is against a whole year Net Financing target for 2022-23 of £6 billion (+/- £3 billion). 

So far in 2022-23, NS&I has delivered a total of £1.3 billion of Net Financing. This is as at Q1 2022-23 and is against a whole year Net Financing target for 2022-23 of £6 billion (+/- £3 billion). 

In  2021-22, NS&I delivered a total of £4.4 billion of Net Financing. This is against a whole year Net Financing target for 2021-22 of £6 billion (+/- £3 billion). 

In Q3 2021-22, NS&I delivered £1.6 billion of Net Financing, giving a year-to-date Net Financing total of £2.2 billion. This is against a whole year Net Financing target for 2021-22 of £6 billion (+/- £3 billion). 

In Q2 2021-22, NS&I delivered £0.8 billion of Net Financing. This is against a whole year Net Financing target for 2021-22 of £6 billion (+/- £3 billion). 

In Q1 2021-22, NS&I delivered -£0.2 billion (minus £0.2 billion) of Net Financing. This is against a whole year Net Financing target for 2021-22 of £6 billion (+/- £3 billion). 

NS&I’s Net Financing in Q4 2020-21 was -£5.1 billion (minus £5.1 billion). Overall, NS&I delivered £23.8 billion of Net Financing in 2020-21. This is against a whole year target of £35 billion (+/- £5 billion). NS&I’s Net Financing target for 2021-21 was previously set at £6 billion (+/- £3 billion), but was revised to £35 billion (+/- £5 billion) to reflect government finance requirements arising from Covid-19.

NS&I delivered -£9.5 billion (minus £9.5 billion) of Net Financing in Q3 2020-21. This is against a whole year target of £35 billion (+/- £5 billion). NS&I’s Net Financing target for 2021-21 was previously set at £6 billion (+/- £3 billion), but was revised to £35 billion (+/- £5 billion) to reflect government finance requirements arising from Covid-19. 

NS&I delivered £23.8 billion of Net Financing in Q2 2020-21, giving a year-to-date total of £38.3 billion. NS&I’s Net Financing target for 2021-21 was previously set at £6 billion (+/- £3 billion), but was revised to £35 billion (+/- £5 billion) to reflect government finance requirements arising from Covid-19.

NS&I delivered £14.5 billion of Net Financing in Q1 2020-21. This is against a whole year target of £35 billion (+/- £5 billion). NS&I’s Net Financing target for 2021-21 was previously set at £6 billion (+/- £3 billion), but was revised to £35 billion (+/- £5 billion) to reflect government finance requirements arising from Covid-19.

End-year 2019-20

NS&I delivered £11.6 billion of Net Financing in 2019-20. This was against a whole year target of £11 billion (+ / - £3 billion).

Q3 2019-20

NS&I delivered £2 billion of Net Financing in Q1 (April-June 2019), £2.9 billion of Net Financing in Q2 (July-September 2019) and £3.2 billion of Net Financing in Q3 (October-December 2019) giving a 2019-20 year-to-date total of £8.1 billion.

Q2 2019-20

NS&I delivered £2 billion of Net Financing in Q1 (April-June 2019) and £2.9 billion of Net Financing in Q2 (July-September), giving a 2019-20 year-to-date total of £4.9 billion.

Q1 2019-20

During Q1 (April-June 2019), NS&I delivered £2bn of net financing. This is against an overall 2019/20 net financing figure of £11bn target (+/- £3bn).

End-year 2018-19

NS&I delivered £10.8 billion of Net Financing in 2018-19. This was against a whole year target of £9 billion (+ / - £3 billion).

Q3 2018-19

NS&I raised £3.3 billion of Net Financing in Q3 (October-December) 2018-19. This is against a whole-year target of £9 billion (+ / - £3 billion).

Q2 2018-19

NS&I raised £2.5 billion of Net Financing in Q2 (Jul-Sep) 2018-19.

The overall Net Financing target for 2018-19 has been revised to £9 billion (+/- £3 billion), as confirmed in the Autumn Budget.

Q1 2018-19

The March 2018 Spring Statement confirmed that NS&I’s 2018-19 Net Financing target is to deliver £6 billion, within a range of £3 billion to £9 billion. NS&I’s Value Indicator target for 2018-19 is to deliver £125 million of value, but with a lower limit of £0 (zero), (excluding Investment Guaranteed Growth Bonds).

End-year 2017-18

NS&I delivered £9.8 billion of Net Financing in 2017-18, compared to the forecast at the Spring Statement 2018 of £10.2 billion. This is above the revised Net Financing target of £8 billion (within a range of £5 billion to £11 billion) that was set out in the Autumn Statement in November 2017.

Q3 2017-18

Today’s Spring Statement confirms that NS&I’s Net Financing forecast for 2017-18 is £10.2 billion. This is in line with its revised Net Financing target of £8 billion (within a range of £5 billion to £11 billion) set out in the Autumn Budget on 22 November 2017.

The end-year forecast reflects higher Net Financing since NS&I increased interest rates on some of its variable rate products on 1 December 2017 and the return to sale of Guaranteed Growth Bonds and Guaranteed Income Bonds on 1 December 2017.

Q2 2017-18

NS&I’s original target for 2017-18 was £13 billion (in a range of £3 billion either side of this, from £10 billion to £16 billion).

The revised Net Financing target is £8 billion (in a range of £3 billion either side of this, from £5 billion to £11 billion). The change to the target reflects lower than expected Net Financing being delivered in the first half of 2017-18, as a result of changes in the savings market.

Q1 2017-18

NS&I today published its latest unaudited quarterly figures, for the first quarter (April-June 2017) of the financial year 2017-18.

In Q1 2017-18, NS&I delivered £1.6 billion of Net Financing. NS&I also delivered £29 million of savings to the taxpayer in Q1 2017-18 – as measured by the Value Indicator.

Q4 2016-17

NS&I delivered £11.8 billion of Net Financing in 2016-17, compared to the forecast at Budget 2017 of £12.2 billion. This is above the revised Net Financing target of £9 billion (within a range of £7 billion to £11 billion) that was set out in the Autumn Statement in November 2016.

Q3 2016-17

NS&I has today published its un-audited quarterly results for the third quarter (October to December 2016) of the financial year 2016-17. NS&I delivered £6.1 billion of Net Financing in Q3 2016-17, giving a year-to-date total of just under £7.9 billion.

Q2 2016-17

NS&I’s original target for 2016-17 was £6 billion (in a range of £2 billion either side of this, from £4 billion to £8 billion).

The new target of £9 billion (in a range of £2 billion either side of this, from £7 billion to £11 billion) reflects changes to the Government’s financing requirement. NS&I is forecast to meet the revised Net Financing target for 2016-17.  

Q4 2015-16

NS&I delivered £11.3 billion of Net Financing in 2015-16 – meeting its target of £10 billion in a range of £8 billion to £12 billion. NS&I delivered £149 million of savings to the taxpayer – using the Value Indicator measure to calculate how much more cost-effective it is to raise funds through NS&I than through gilts. NS&I’s efficiency ratio – how cost effectively NS&I manages the funds it holds – improved once again, hitting 12 basis points (against 14 basis points in 2014-15).

Q3 2015-16

Q2 2015-16

NS&I today published its un-audited quarterly results for the second quarter (July-September 2015) of the financial year 2015-16.

NS&I delivered £2.4 billion of Net Financing in Q2 2015-16, giving a year-to-date total of £7.8 billion.

Q1 2015-16

In Q1 2015-16, NS&I delivered £5.4 billion of Net Financing and £22 million of savings to the taxpayer – as measured by the Value Indicator.

The Net Financing delivered in the first quarter is in line with expectations and reflects strong sales of 65+ Bonds and the smooth closure of the product on 15 May. Premium Bond sales have also contributed to Net Financing after the investment limit was raised from £40,000 to £50,000 on 1 June.

Q4 2014-15

NS&I’s Net Financing target for 2015-16 is £10 billion in a range of £8 to £12 billion. This includes 65+ Bonds sales in April and May 2015. NS&I’s Net Financing target for 2014-15 was £13 billion in a range of £11 to £15 billion. In December 2014 NS&I’s forecast was that it would deliver £13.5 billion of Net Financing, however the unprecedented demand for 65+ Bonds in the final quarter saw NS&I deliver £18.2 billion, exceeding the target range.

Q3 2014-15

NS&I delivered £57 million of value to the taxpayer in Q3 2014-15, as measured by the Value Indicator. NS&I forecast a Value Indicator return of £299 million in 2014-15. This is in line with the target set at Budget 2014 to deliver positive value. The 65+ Bonds are a specific Budget measure distinct from NS&I’s normal activity – the cost of raising finance through this product over gilts is therefore not reflected in the Value Indicator calculation.

Q2 2014-15

NS&I delivered £2.2 billion of Net Financing in Q2 2014-15, giving a year-to-date total of £4.4 billion. The Autumn Statement confirmed that the latest NS&I Net Financing forecast for 2014-15 is £13.5 billion – within NS&I’s full year target of £13 billion in a range of £11 billion to £15 billion.

Q1 2014-15

In Q1 2014-15, NS&I delivered £2.1 billion of Net Financing and £179 million of savings to the taxpayer – as measured by the Value Indicator.

Net Financing has been driven by strong customer demand for Premium Bonds since the maximum holding limit was raised from £30,000 to £40,000 on 1 June. NS&I met this demand with key performance indicators consistently maintained at more than 95%.