Government borrowing hits £16bn in May

| June 18, 2010 | 1 Comment

The Office for National Statistics (ONS) has today revealed the UK Government borrowed £16 billion in May.

However, the figure was lower than the £18 billion expected and was 8% less than the figure in May 2009.

Overall, Government debt stands at £903 billion – the equivalent to 62.2% of GDP - the highest ever.

However, public finances have improved recently with tax receipts recovering as the country emerges from its worst recession in decades.

Meanwhile, the news comes as Chancellor, George Osborne, prepares for his emergency budget next week with massive spending cuts and considerable tax hikes expected.

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  1. Ian Deswarte says:

    Who have they borrowed the 16 billion from? Sounds like this organisation has too much money!!?

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