Government borrowing falls as tax earnings rises

Government borrowing fell in May from a 12 months earlier however nonetheless remained increased than pre-Covid ranges.

Borrowing – the distinction between spending and tax earnings – was £14bn, down £4bn from a 12 months earlier, the Office for National Statistics mentioned.

It was the third-highest May borrowing since month-to-month data started in 1993.

Meanwhile, central authorities receipts have been £66.6bn in May 2022, £5.7bn greater than May 2021, with an annual improve of £3.4bn in taxes.