UK Government Borrowing in May Reaches Third Highest on Record
Despite being lower than forecasts, borrowing figures highlight significant fiscal challenges ahead of the general election.
Overview
- Public sector borrowing in May hit £15bn, £800m higher than the same month last year.
- The figure was £600m less than the Office for Budget Responsibility's forecast.
- Government debt as a percentage of GDP rose to 99.8%, the highest since 1961.
- Interest payments on government debt reached £8bn, one of the highest amounts on record.
- Economists warn that the next chancellor will face substantial fiscal challenges due to high debt and interest rates.