Summary
UK government borrowing in June was higher than expected, mainly due to increased debt interest payments and public service spending. The Office for National Statistics reported borrowing was £20.7 billion, marking the second-highest June borrowing since 1993.
Key Facts
- Borrowing is the amount the government needs to cover the gap between its spending and tax income.
- UK government borrowing in June was £20.7 billion.
- Borrowing rose by £6.6 billion compared to June last year.
- June 2023 saw the second-highest borrowing for the month since 1993.
- The COVID-19 pandemic led to the highest June borrowing in 2020.
- Debt interest payments and public service spending were key factors in the increased borrowing.
- Income from taxes like National Insurance Contributions increased in April but didn't cover the spending rise.
