UK May Borrowing Less Than in 2020, But 2nd Highest on Record

MAY PSNB-X GBP 24,339BN VS GBP 43,763BN IN MAY 2020

MAY CGNCR GBP 23,869BN VS GBP 63,063BN MAY 2020

MAY PSNCR GBP 21,710BN VS GBP 71,686BN MAY 2020

MAY DEBT/GDP RATIO EX-BOE 89.0% VS 81.3% MAY 2020

MAY YTD BORROWING GBP 53.4BN VS GBP 91.1BN MAY 2020

• Public sector net borrowing was GBP 24.3bn in May, the second highest May borrowing on record, but GBP 19.4bn less than a year ago.
• YTD borrowing registered at GBP 53.4bn which is GBP 37.7bn less than in a year ago.
• UK year-to-date borrowing for the financial year 2020/21 was revised down by GBP1.1bn to GBP 299.2bn, but remains the highest borrowing on record. This is equivalent to 14.3% of GDP.
• Central gov. receipts rose by GBP 7.5bn compared to the previous year to GBP 56.9bn in May, which includes GBP 41.4bn of tax receipts.
• Central gov. bodies spent GBP 10.9bn less in May 2021 than in May 2020 at GBP 81.8bn
• CGNCR was GBP 23.9bn in May, the second highest May cash requirement on record but GBP 39.2bn less than in May 2020.
• Reduced cash receipts, extra need for funding for the Covid support schemes and a fall in GDP have pushed up public sector net debt as a ratio of GDP to 99.2% (ex public sector banks).