The UK budget deficit narrowed in June but remained the third-highest for the month since records began in 1993, data released by the Office for National Statistics showed on Friday.
Public sector net borrowing excluding public sector banks decreased by GBP 0.4 billion to GBP 18.5 billion in June. However, this was the third-largest June borrowing since records began in 1993. The expected level was GBP 22.0 billion.
The ONS said higher tax receipts as well as a strong fall in debt interest payable compared to last year, were largely offset by increased benefit payments and other costs.
In the financial year to June, public sector net borrowing increased GBP 12.2 billion to GBP 54.4 billion. However, the figure was GBP 7.5 billion less than the GBP 61.9 billion forecast by the Office for Budget Responsibility.
At the end of June 2023, public sector net debt was GBP 2.59 trillion or provisionally estimated at around 100.8 percent of annual gross domestic product.
