UK borrowing exceeds forecasts in May

The latest UK public finances report reveals that Britain borrowed £23.3 billion in May, the highest for that month since 2020, exceeding forecasts by £5.6 billion. This surge increases the year's borrowing to £46.3 billion, pushing the national debt to 95.1% of GDP, levels last seen in the early 1960s. Despite a 1.2% rise in retail sales driven by favorable weather, public spending, debt interest, and social benefits increased significantly, highlighting ongoing fiscal pressures and limited room for policy flexibility.

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