US EditionGovernment Borrowing Jumps Despite Boost From National Insurance Hike
- Government borrowing for May reached a record high outside the pandemic era, totaling £17.7 billion, according to the Office for National Statistics .
- The increase in compulsory social contributions, mainly from national insurance contributions, was £30.2 billion for April and May combined, reflecting a 14.7% rise as noted by the ONS.
- Borrowing in May was £3.7 billion, or £700 million more than last year, as stated by Rob Doody from the ONS.
- Despite increased receipts from taxes, spending rose more significantly due to higher running costs and adjustments for inflation-linked benefits.
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Government borrowing jumps despite boost from national insurance hike
The ONS said borrowing rose to £17.7 billion last month, the second highest figure on record for May.
·Bromsgrove, United Kingdom
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