U.K. public sector net borrowing, excluding the temporary effects of financial interventions, increased to GBP 17.9 billion in May from GBP 15.2 billion a year ago, the Office for National Statistics said Tuesday. Borrowing was higher than an expected GBP 14.8 billion.
At the same time, net debt at the end of May totaled GBP 1013.4 billion, equivalent to 65 percent of GDP. This compares with a level of 61.3 percent of public debt during the same period of last year.
The central government net cash requirement was GBP 13.3 billion, a GBP 2.5 billion higher net cash requirement than in May 2011.
Including intervention, PSNB came in at GBP 15.6 billion compared to GBP 12.3 billion in the prior year.
by RTT Staff Writer
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