UK borrowing falls in May

| June 21, 2011
a�?UK

The Office for National Statistics (ONS) has today revealed UK public sector borrowing fell slightly last month.

According to the ONS, public sector borrowing fell to A?15.15 billion last month compared with A?16.46 billion in May last year.

The figure was lower than analystsa�� expectations of A?15.75 billion and was attributed to an increase in taxes a�� which includes the VAT rise in January.

Meanwhile, public sector net borrowing (which strips out financial intervention such as bank bailouts a�� and is the Government’s preferred measure) fell to A?17.41 billion against A?18.48 billion a year earlier.

The latest figures mean Chancellor George Osbornea��s five-year deficit reduction plan appears to be on target.

The Office for Budget Responsibility (OBR) is expecting public sector net borrowing will come in at A?122 billion for the current tax year a�� lower than the A?143 billion borrowed in the previous tax year.

The independent OBR was set up by the coalition Government to assess the state of public finances.

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