The Public Sector Net Cash Requirement (PSNCR), formerly known as the Public Sector Borrowing Requirement (PSBR), is the official term for the Government budget deficit in the United Kingdom, that is to say the rate at which the British Government must borrow money in order to maintain its financial commitments.
The PSNCR is distinct from, but often confused with, the United Kingdom national debt, which is the total amount of money owed by the British Government to its creditors at any given time. The greater the PSNCR, the more the National Debt will tend to increase. The PSNCR is also distinct from the debt interest, which is the amount the UK government must pay annually to finance the existing national debt.