UK government borrowing falls in June
Public finances for last month were better than expected but the UK is carrying major debt.
Government borrowing in the United Kingdom decreased in June, with official figures revealing the nation incurred a slightly smaller debt than anticipated. This announcement coincided with new Prime Minister Andy Burnham beginning to outline measures designed to reduce living costs for households.
The Office for National Statistics (ONS) reported that the sum borrowed – representing the gap between government expenditure and tax revenue – stood at £16 billion last month. This figure marks a £7.9 billion reduction compared to the corresponding period of the previous year.
Separate data also indicated that the unemployment rate held steady between March and May, with the UK statistics body describing the labour market as "relatively steady." However, while these borrowing statistics surpassed forecasts, the United Kingdom continues to contend with a substantial level of public debt.