The Treasury has increased NS&I’s net financing target for 2020-21 by £29bn from £6b to £35bn to help refill government coffers after the impact of the Coronavirus pandemic.

Some experts have suggested that NS&I will need to launch more attractive savings rates over the coming months to reach the target.

NS&I’s Annual Report & Accounts 2019-20, published in 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.

NS&I says the new target of £35bn may also be subject to further revision during the year, depending on government finance requirements.

In its unaudited figures for the first quarter, April-June 2020-21, published this week NS&I revealed it had delivered £14.5 billion of net financing.

Treasury-backed NS&I serves 25 million savings customers with a variety of savings and investment products including bonds, ISAs and Premium Bonds.