UK government borrowing increases in May, according to figures from the Office for National Statistics (ONS). Borrowing is reported at £23.3 billion for the month, up 30.4% compared with the same month a year earlier, an increase of £5.4 billion. The reports attribute the change to higher debt interest costs, which are described as reaching a record level for May. Taken together, the ONS data indicate that the government’s monthly borrowing position weakens year-on-year, with the rise linked specifically to greater spending on servicing existing debt. The available coverage focuses on the overall borrowing figure for May and the record high in debt interest costs, without presenting additional breakdowns such as revenue or other spending components. Overall, the news is that the UK government borrows more than it did in May last year, and that higher interest payments are a key driver of the increased borrowing.
UK government borrowing rises in May as debt interest costs hit record
UK government borrowing increases in May, according to figures from the Office for National Statistics (ONS). Borrowing is reported at £23.3 billion for the month, up 30.4% compared with the same mont...
- The ONS reports UK government borrowing of £23.3 billion in May.
- May borrowing is 30.4% higher than in the same month last year.
- The year-on-year increase is £5.4 billion.
- Debt interest costs reach a record level for May, according to the reports.
- The rise in borrowing is linked to higher costs of servicing government debt.
The ONS said borrowing was nearly a third (30.4%), or £5.4 billion, higher than a year earlier at £23.3 billion in May.
20 hours agoThe ONS said borrowing was nearly a third (30.4%), or £5.4 billion, higher than a year earlier at £23.3 billion in May.
23 hours agoThe ONS said borrowing was nearly a third (30.4%), or £5.4 billion, higher than a year earlier at £23.3 billion in May.
23 hours ago
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