The UK budget deficit narrowed in June as the economy started to recover, yet the borrowing was the second-highest on record for the month, the Office for National Statistics said on Wednesday.
The public sector net borrowing decreased GBP 5.5 billion from the last year to GBP 22.8 billion in June and was below the Office for Budget Responsibility's forecast of GBP 25.2 billion.
Nonetheless, this was the second-highest June borrowing since monthly records began in 1993 and exceeded the economists' forecast of GBP 21.5 billion.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.