Public sector net borrowing (PSNB ex) in May 2023 was £20.0 billion, £10.7 billion more than in May 2022 and the second-highest May borrowing since monthly records began in 1993, with the growth in receipts being exceeded by the additional costs of the energy support schemes and increases in both benefit payments and staff costs. PSNB ex in the financial year to May 2023 was £42.9 billion, £19.6 billion more than in the same two-month period last year and £2.1 billion higher than the £40.8 billion forecast by the Office for Budget Responsibility (OBR). Our initial estimate of net debt expressed as a percentage of ... (full story)