The Government borrowed less money than predicted in May but saw debt lift to levels not witnessed for more than 60 years, according to official figures.
The Office for National Statistics (ONS) said that public sector net borrowing hit £15 billion for the month.
It comes amid significant scrutiny on the state finances with only two weeks until the General Election.
Initial data found public sector borrowing – the difference between Government spending and income – was £0.8 billion higher than the same month a year earlier.
Public sector net borrowing excluding public sector banks was £15.0 billion in May 2024, £0.8 billion more than in May last year and the third highest May borrowing on record.
— Office for National Statistics (ONS) (@ONS) June 21, 2024
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It was also the third highest May since monthly records began in 1993.
Nevertheless, this was £0.6 billion below forecasts from the Office for Budget Responsibility (OBR), the Government’s official forecaster, and was also less than economists had predicted.
The ONS also found that public sector net debt as a proportion to UK GDP (gross domestic product) rose to 99.8% – the highest level since March 1961.
Prime Minister Rishi Sunak promised to reduce debt as one his five pledges at the start of 2023.
