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New data on government borrowing, and retail sales, are giving us a new insight into the state of the British economy today.
On the fiscal side, UK government borrowing hit its second-highest level for any May last month, as spending continued to outstrip tax receipts.
The UK borrowed £17.7bn in May to balance the books, £0.7bn more than in May 2024, the Office for National Statistics has reported. That’s only exceeded by May 2020, when the Covid-19 pandemic was gripping the country.
