UK government borrowing in May lowest since 2007
by Phillip Inman Economics correspondent from on (#BSMW)
George Osborne still expected to press ahead with steep cuts to welfare budgets and Whitehall
George Osborne is on track to cut the annual budget deficit by more than previously forecast after a block on spending and a jump in tax receipts in May.
The Office for National Statistics said government borrowing last month dropped to 10.1bn, the lowest since 2007, from 12.3bn in May last year - an 18% fall. The total stock of debt, excluding public sector banks, was 1.5tn or 80.8% of GDP, an increase of 83.2bn compared with May 2014.
