UK Government Borrowing Hits £14.3bn in February, Exceeding Expectations

UK government borrowing rose to £14.3bn in February, surpassing expectations and marking the second highest February level on record, driven by increased spending and debt interest payments despite higher tax receipts.

Government Borrowing Surges in February

UK government borrowing unexpectedly increased to £14.3 billion in February, marking the second highest level recorded for that month since records began, according to official data.

A bar chart titled 'Government borrowing rose in February', showing the UK's public sector net borrowing, excluding public sector banks, from February 2024 to 2026. In February 2024, public sector net borrowing stood at £11.4 billion. That rose to £12.1 billion in February 2025, and again to £14.3 billion in February 2026.

The Office for National Statistics (ONS) reported that borrowing was £2.2 billion higher than in February of the previous year and significantly above the £8.8 billion forecasted by economists.

The rise was driven by increased government spending and the timing of debt interest payments, which outweighed a growth in tax receipts, the ONS explained.

Year-to-Date Borrowing Trends

Despite the February increase, government borrowing across the first 11 months of the financial year up to February showed a decline.

The borrowing figures represent the difference between total public sector spending and tax income and pertain to the period before the onset of the US-Israel conflict with Iran.