Public sector net borrowing excluding public sector banks (PSNB ex) in June 2023 was £18.5 billion, £0.4 billion less than in June 2022, and the third-highest June borrowing since monthly records began in 1993; higher tax receipts and a substantial fall in debt interest payable compared with June 2022, were largely offset by increased benefit payments and other costs. In June 2023, the interest payable on central government debt was £12.5 billion, £7.5 billion less than the record £20.0 billion in June 2022 and the third-highest in any single month on record. PSNB ex in the financial year to June 2023 was £54.4 ... (full story)