Net borrowing - the difference between public sector spending and income - was £15bn, an increase of £0.8bn on the same time last year, but £0.7bn lower than predicted.
Government borrowing was less than expected in May, new figures have revealed. Net borrowing - the difference between public sector spending and income - was £15bn, an increase of £0.8bn on the same time last year, the Office for National Statistics reported on Friday. The amount is below the £15.7bn forecast by the Office for Budget Responsibility .
Read more from business:TikTok warns of US ban without free speech rulingInterest rates held for seventh time in a rowSainsbury's sells banking arm to NatWest But economist Michal Stelmach, from KPMG UK, said the next chancellor was facing a 'fiscal Pandora's box'.He added: 'The fiscal reality is similar for whichever party wins the general election. Interest rates are set to remain higher, debt more difficult to bring down, and spending pressures continue to mount.
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