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UK government borrowing came in higher than expected in May, according to the Office for National Statistics on Thursday.
UK public sector net borrowing, excluding banks, amounted to £14 billion in May, down from £21.9 billion in April. However, the figure was higher than market expectations of £12 billion.
The ONS said the latest figure was £4.0 billion less than in May 2021, but £8.5 billion more than in May 2019, meaning before the virus pandemic. It was also the third-highest May borrowing since monthly records began in 1993.
The ONS said rising inflation sent interest payments on UK government debt up to £7.6 billion in May from £4.5 billion a year earlier.
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