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UK Budget Deficit Narrows In May

The UK budget deficit narrowed in May from the last year, data from the Office for National Statistics showed on Tuesday.

Public sector net borrowing decreased to GBP 24.33 billion in May from GBP 43.76 billion in the previous year. The deficit was also below the economists’ forecast of GBP 26.1 billion.

Nonetheless, this was the second highest May borrowing since records began in 1993.

In the financial year-to-May, PSNB was estimated at GBP 53.4 billion, the second-highest financial year-to-May borrowing since monthly records began in 1993 and was GBP 37.7 billion less than in the same period last year.

Excluding banks, public sector net debt came in at GBP 2,195.8 billion at the end of May, or around 99.2 percent of GDP, the highest ratio since the 99.5 percent recorded in March 1962.

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