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UK borrowing in May surges by more than expected
Key takeaways
- Alex Segre/Getty Images May's borrowing figure was higher than the OBR's forecast The UK borrowed £23.3bn in May, according to official figures, up almost a third on the same month last year.
- May's borrowing figure — the difference between spending and income from taxes — was £5.6bn higher than forecast by the Office for Budget Responsibility (OBR), the independent fiscal watchdog.
- The OBR forecast was made in March, at which point the impact of the war in the Middle East had not yet become clear.
Alex Segre/Getty Images May's borrowing figure was higher than the OBR's forecast The UK borrowed £23.3bn in May, according to official figures, up almost a third on the same month last year.
May's borrowing figure — the difference between spending and income from taxes — was £5.6bn higher than forecast by the Office for Budget Responsibility (OBR), the independent fiscal watchdog.
The OBR forecast was made in March, at which point the impact of the war in the Middle East had not yet become clear.
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