The U.K. budget deficit narrowed in May, data published by the Office for National Statistics showed Tuesday.
Public sector net borrowing decreased by GBP 0.4 billion from last year to GBP 9.7 billion in May. Nonetheless, it was above the expected level of GBP 9.4 billion.
Of this GBP 9.7 billion, about GBP 7.8 billion related to the cost of the “day-to-day” activities of the public sector, while GBP 1.9 billion related to the spending on infrastructure.
At the end of May, public sector net debt was GBP 1,606.9 billion, equivalent to 83.7 percent of gross domestic product.
In the current financial year-to-date period, PSNB excluding public sector banks increased by GBP 0.2 billion to GBP 17.9 billion.
The material has been provided by InstaForex Company – www.instaforex.com