Borrowing – the difference between total public sector spending and income – was £17.7 billion in May 2025; this was £0.7 billion more than in May 2024 and the second-highest May borrowing since monthly records began in 1993, after that of May 2020. Borrowing in the financial year to May 2025 was £37.7 billion; this was £1.6 billion more than in the same two-month period of 2024 and the third-highest April to May borrowing since monthly records began, after those of 2020 and 2021. The current budget deficit – borrowing to fund day-to-day public sector activities – was £12.8 billion in May 2025; this was £1.7 billion ... (full story)