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UK government borrowing dropped last month, as the reopening of the economy helped to improve the public finances, with more firms reopening and people returning to work.

The Office for National Statistics reports that public sector net borrowing came in at £24.3bn in May (this is excluding public sector banks).

That’s £19.4bn less than a year ago, when the government had to borrow around £43.8bn as it ramped up spending to fight the pandemic, and the economy was in lockdown.

It indicates that the easing of lockdown restrictions, and the reopening of hospitality venues and non-essential shops this spring, is now feeding through to the public finances.

It’s also the second-highest borrowing figures for the month of May on record.

Fraser Munro

The UK public sector…

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