UK Borrowing Surges to £23.3bn in May, Higher than OBR Forecast

AI Summary

The UK borrowed £23.3 billion in May, representing an increase of nearly one-third compared to May of the previous year. This figure was £5.6 billion above the Office for Budget Responsibility's (OBR) forecast. Additionally, interest payable on government debt reached a record £11.7 billion for any May. Spending on public services and investment also increased, contributing to the higher borrowing levels, while retail spending reportedly rose by 1.2% in May, aided by favorable weather conditions.