UK borrowing surges over forecasts in May as government spending rises – business live
Rolling coverage of the latest economic and financial newsToday’s public finances report also shows how inflation drove up the cost of servicing the national debt in May.The Office for National Statistics reports that the debt interest bill increased by £4.1bn to £11.7bn, due to movements in the Retail Prices Index (RPI) of inflation.central government departmental spending on goods and services increased by £2.2bn to £39.6bn, as inflation increased the cost of providing public servicesnet socia
UK borrowing surges over forecasts in May as government spending rises – business live
Overview
Rolling coverage of the latest economic and financial news
Today’s public finances report also shows how inflation drove up the cost of servicing the national debt in May.
The Office for National Statistics reports that the debt interest bill increased by £4.1bn to £11.7bn, due to movements in the Retail Prices Index (RPI) of inflation.
Details
central government departmental spending on goods and services increased by £2.2bn to £39.6bn, as inflation increased the cost of providing public services
net social benefits paid by central government increased by £1.2bn to £28.4bn; this was largely caused by inflation-linked increases in many benefits, and earnings-linked increases to State Pension payments
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Originally published at www.theguardian.com.
