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UK borrowing increased in June, but government receipts also increased as the the economy reopened at the start of the summer, data released by the Office for National Statistics showed. VAT receipts rose by GBP2.3 billion, or 22.3% over the same month of 2020, taking value-added income to just 2.9% below the level of June 2019.

Corporate tax receipts jumped by GBP700 million, or 17.8% over the same month a year ago, although corporate tax revenues remain 6.3% below 2019 levels. Government expenditure rose by 2.5% or GBP1.9 billion over June of 2020. That leaves borrowing at 99.7% of GDP, the highest level since March of 1961. Borrowing in May was revised downward to GBP20.604 billion from the initially-reported GBP24.339 billion. CGNCR, excluding irregular items, declined to GBP19.158 billion from GBP23.857 billion in May and GBP47.155 billion in June of 2020.

Borrowing over the 2020/21 fiscal year was revised to GBP297.694 billion from the GBP299.171 billion reported last month, falling short of the like-for-like OBR estimate of GBP327.4 billion.