The Guardian19 jun 2026Macro
Automatisch samengesteld met AI uit de vermelde bronnen
May public sector net borrowing reached £23.3bn—the second highest for any May on record and £5.6bn above the Office for Budget Responsibility’s March forecast—driven by a £4.1bn year‑on‑year jump in debt interest costs to £11.7bn as inflation, held at 2.8% by war‑related fuel prices, increased the cost of servicing index‑linked gilts. Central government receipts rose 4.1% to £85.5bn, yet the cumulative borrowing for April–May of £46.3bn was £7.7bn ahead of forecast. The figures landed as Andy Burnham’s Makerfield byelection win opened a Labour leadership contest, with potential candidates for chancellor immediately facing questions over how to meet Reeves’s fiscal rules and fund the defence investment plan.