Picture copyright Getty Photos Autho
Picture copyright
Getty Photos
Authorities borrowing hit a document month-to-month excessive of £55.2bn in Could, because the coronavirus continued to press closely on funds.
The Workplace for Nationwide Statisticshad mentioned April’s deficit was the very best since information started in 1993, however has now revised that from £62bn to £48.5bn.
April’s determine was modified after the federal government obtained extra from taxes and Nationwide Insurance coverage.
It additionally spent lower than thought on the Coronavirus Job Retention Scheme.
The ONS mentioned that though the influence of the pandemic on the general public funds was turning into clearer, its results weren’t totally captured within the launch, and that estimates had been topic to larger than standard uncertainty.
Could’s borrowing was 9 occasions larger than in the identical month final yr and, the ONS mentioned, final month was the primary time since 1963 that debt as a share of GDP had handed 100%.
Total, the brand new determine places the federal government on observe for largest deficit this yr since World Battle Two.