UK Government borrowing jumps as debt interest costs hit record May high (opens original article in a new tab)

UK government borrowing increased to £23.3 billion in May, driven by record debt interest costs and economic pressures from the Middle East conflict and political uncertainty, with officials acknowledging challenges in meeting fiscal targets.

• UK government borrowing rose to £23.3 billion in May, a 30.4% increase from the previous year
• Debt interest costs hit a record £11.7 billion in May due to rising inflation and bond prices
• Political uncertainty and the Middle East conflict contributed to higher borrowing and financial market concerns
• The ONS reported £46.3 billion in borrowing for the financial year to May, exceeding both forecasts and the previous year's figures