The UK government borrowed £23.3 billion in May 2026, overshooting the Office for Budget Responsibility’s forecast by £5.6 billion and marking a 30.4% jump from the £17.9 billion borrowed in May 2025.
The Office for National Statistics published the figures on June 19, and the headline driver is hard to miss: central government debt interest payments hit £11.7 billion for the month. That’s a 54% increase year-on-year.
Where the money went
Public spending reached £118 billion in May, climbing £9.1 billion compared to the same month last year. Some of that increase traces back to inflationary pressures linked to the ongoing Middle East conflict, which has kept energy costs elevated and rippled through government procurement budgets.
On the revenue side, receipts did grow, rising £3.7 billion to £94.8 billion. But that improvement was nowhere near enough to offset the spending surge.
