NS&I delivers £3.1bn of Net Financing; £36m delivered of value to taxpayer

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NS&I delivers £3.1bn of Net Financing; £36m delivered of value to taxpayer

By Adam Cadle

30/08/2018

In Q1 2018-19, NS&I delivered £3.1bn of Net Financing and delivered £36m of value to the taxpayer in Q1.

The March 2018 Spring Statement confirmed that NS&I’s 2018/19 net financing target is to deliver £6bn, within a range of £3bn to £9bn.

NS&I’s value indicator target for 2018/19 is to deliver £125m of value, but with a lower limit of £0.

“NS&I said the lower limit is important because it allows it to “continue to balance the interests of its savers, taxpayers and the stability of the broader financial services sector through a period of volatile gilt yields”.

Today, Ns&I also announced it is increasing interest rates across its Income Bonds, Investment Account and Direct Saver products.

Since the Bank of England base rate changes in November 2017 and August 2018, NS&I will have increased the interest rate on Income Bonds by 40 basis points, Investment Account by 35 basis points and on Direct Saver by 30 basis points.

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