Government borrowing eased back in May as the lifting of lockdown restrictions spurred on Britain’s economic recovery and drove tax revenues higher, according to official figures out this morning.
Borrowing excluding public sector banks totalled £24.3 billion in May, down from £43.8 billion in the same month in 2020, the Office for National Statistics said.
The May figure took the deficit for the first two months of the 2021/22 financial year to 53.4 billion pounds.
That was the second-highest on record but was down by almost 38 billion pounds from the April-May period of last year.
Borrowing is falling faster than the government’s budget forecasters had expected.
