UK government borrowing was significantly lower in May than during the same month last year as the economy recovers from the coronavirus crisis, but remains elevated on a historical basis.
According to the Office for National Statistics (ONS), borrowing - the difference between spending and tax income - was £24.3bn during May, £19.4bn lower than the same month in 2020. However, this figure was still the second highest since records began, as the government continues to pour fiscal support into the economic system. Paul Craig, portfolio manager at Quilter Investors, said: "The level of borrowing may indeed have fallen on last month, but we are still well away from ‘normal' levels and May's additional £24.3bn of public sector net borrowing makes the black hole that little...
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