HM Government has asked National Savings & Investments to “get more cash” into The Treasury.
HM Treasury has today confirmed that NS&I’s Net Financing target for 2020-21 has been revised from £6 billion (+/- £3 billion) to £35 billion (+/- £5 billion) to reflect government finance requirements arising from Covid-19.
NS&I’s Annual Report & Accounts 2019-20, published on 23 June 2020, stated that NS&I’s £6 billion Net Financing target announced in the March 2020 Budget would be subject to in-year revision. Today’s new target may be subject to further revision during the year, depending on the government finance requirement.
the jump is the £6bn to £35bn. HM Treasury looking at all avenues to raise revenue / income into the government to fund the massive budget deficit.