The United Kingdom’s net public borrowing in May was £17.7 billion (€20 billion), an increase of £700 million (€818 million) compared to the same month in 2024, reveals the Office for National Statistics (ONS).
“Last month, the public sector borrowed £700 million more than in the same period last year, with only 2020, affected by COVID-19, recording higher borrowing in May,” explained Rob Doody, Deputy Director of Public Sector Finances at the ONS.
“Although revenues have increased, mainly through income tax and social security contributions, expenses rose even more, impacted by higher operational costs and inflation-indexed increases in many benefits,” he added.
Between April and May, the first two months of the fiscal year in this country, accumulated borrowing reached £37.7 billion (€44 billion), £1.6 billion (€1.87 billion) more than in the same period of 2024, and the third highest since monthly records began, following 2020 and 2021.
The Treasury Secretary-General, Darren Jones, emphasized that the new Labour government “made the right decisions to protect workers, start repairing the National Health Service, and lay the groundwork for rebuilding the UK.”
“We have stabilized the economy and public finances; now we must ensure that the British economy works for the workers,” he stated.
