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UK Borrows £23.3bn in May, Debt Hits 95% GDP

6/19/2026

Summary

Story summary

The UK government borrowed £23.3 billion in May 2026, far above the OBR forecast of about £19 billion.
Interest payable rose to £11.7 billion, the highest May figure on record.
Public sector net debt hit 95.1 percent of GDP while the May budget deficit stood at £18.5 billion.
Spending on debt interest, services, investment and benefits rose, outweighing higher tax receipts, ONS statistician Tom Davies said, a situation that Andy Burnham’s Makerfield win could shape policy.

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Story summary

The UK government borrowed £23.3 billion in May 2026, far above the OBR forecast of about £19 billion.
Interest payable rose to £11.7 billion, the highest May figure on record.
Public sector net debt hit 95.1 percent of GDP while the May budget deficit stood at £18.5 billion.
Spending on debt interest, services, investment and benefits rose, outweighing higher tax receipts, ONS statistician Tom Davies said, a situation that Andy Burnham’s Makerfield win could shape policy.