The Office for National Statistics (ONS) has found that government borrowing declined slightly in the month of May, compared to the same time in 2015, but maintained the figure was still higher than expected.
The data showed that borrowing, reached £9.7 billion in May, 0.4 billion less that for the same month last year. However, economists had predicted the amount borrowed would be around £9.5 billion, £0.2 less than the actual amount.
The ONS has revised its estimate for the the amount borrowed in 2015-16 down to £74.9 billion.
The data shows that receipts from income, corporation and VAT taxes in May were all higher than the previous year, but that the government's total current expenditure also rose.
The news comes as the the Office for Budget Responsibility (OBR), which produces economic forecasts for the government, has estimated that the public sector will borrow £55.5 billion during the financial year to March 2017; a reduction of about £20 billion for the previous financial year.
Capital Economics economist Scott Bowman commented: “Admittedly, we would take the figures for the first few months of the fiscal year with a pinch of salt as they are often revised in time due to being largely based on forecast data.
"And if the UK votes to remain in the EU next month - as bookmakers' odds still suggest - then GDP growth should rebound in the second half of this year, paving the way for a more rapid improvement in the public finances.”
The government has announced new emergency measures to tackle the current housebuilding crisis in London and unlock tens of thousands of homes.
The Chancellor has appointed growth and productivity expert Dr Anna Valero as an Industrial Strategy advisor.
The Chancellor has announced a £500 million investment package to deliver growth in the Oxford to Cambridge Corridor and cement its status as
New data from Ordnance Survey (OS) will be used to support safe walking across Great Britain.
The government has announced new financial penalties for water companies who commit environmental offences.
Grantex is the UK’s leading supplier of specialist aggregates and producer of Premium Dried Sports Sand for High-Performance Synthetic Pitches.
Creating and maintaining an outstanding synthetic pitch starts with the right foundation. Grantex premium dried silica sand is engineered to deliver exceptional performance, durability and safety across a range of synthetic sports surfaces.
Join us for the landmark 10th Anniversary of the London Build Expo, the UK’s largest and most influential construction and design show.
Retail Supply Chain & Logistics Expo returns to Excel London across 12-13 November, once again bringing together the world of logistics, supply chain, eCommerce and retail innovation for two dynamic days of opportunity.
Every sport, from grassroots football to world-class tournaments, depends on one constant: high-quality playing surfaces and well-maintained green spaces.
Bauder marked a major milestone in its UK expansion with the official handover of a brand
At Words of World, we specialise in professional translation and interpreting, d
The British Institute of Cleaning Science (BICSc) and the Cleaning & Support Services Association (CSSA) have successfully completed a groundbreaking project aimed at exploring the future of cleaning. This collaboration marks a significant milestone in the cleaning industry, reflecting a shared commitment to embracing innovation with confidence.
The Crown Commercial Service’s (CCS) new framework on Language Services (RM6302), dealing with translation, transcription and interpreting, is live, running from 7th May 2025 to 6th May 2028.
