UK borrowed £14bn in May as inflation drove up interest debt costs – business live
Rolling coverage of the latest economic and financial news
- UK borrowed more than expected last month, but less than a year ago
- Interest bill rose 70% to £7.6bn in May, third highest on record.
- UK rail strike: second day of action to go ahead after talks fail again
Chancellor of the Exchequer, Rishi Sunak, has warned that rising inflation is a challenge to the public finances:
“Rising inflation and increasing debt interest costs pose a challenge for the public finances, as they do for family budgets.
“That is why we are taking a balanced approach – using our fiscal firepower to provide targeted help with the cost of living, while remaining on track to get debt down.
Source: Business – The Guardian