UK Borrowing Jumps to £23.3 Billion in May, Pushing Debt to 95.1% of GDP
Updated
Updated · The Guardian · Jun 19
UK Borrowing Jumps to £23.3 Billion in May, Pushing Debt to 95.1% of GDP
3 articles · Updated · The Guardian · Jun 19
Summary
Britain borrowed £23.3 billion in May, £5.4 billion more than a year earlier and £5.6 billion above the Office for Budget Responsibility’s forecast.
ONS data showed higher debt-interest costs, public-service spending, investment and benefits outweighed stronger tax receipts, leaving borrowing at its highest level for any May since 2020.
The overshoot means borrowing in the financial year since April has reached £46.3 billion, already £7.7 billion above the OBR’s projection.
National debt has now risen to 95.1% of GDP—its highest share since the early 1960s—adding pressure on the next budget and Rachel Reeves’s fiscal rules.