Following the Spring Statement this afternoon, NS&I has 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.
