A rise in income tax and VAT receipts helped to cut UK government borrowing in May, official figures have shown.
UK government borrowing fell to 10.13bn in May, the Office for National Statistics (ONS) said, down from 12.35bn a year earlier.
It was the lowest borrowing figure in May for eight years.
Public sector net debt excluding public sector banks now stands at 1.5 trillion, the ONS said, which is 80.8% of gross domestic product (GDP).
“While the deficit in the financial year ending 2015 has fallen by more than a third since its peak in the financial year ending 2010, public sector net debt has maintained a gradual upward trend,” the ONS said in a statement.
Income tax receipts recorded their highest level for May in four years, rising 0.5bn, or 5.3%, from a year earlier to 10.8bn. VAT receipts rose by 0.6bn, or 5.6%, to 10.7bn.
The ONS also said that it now estimated total public sector borrowing in the financial year to March 2015 was 89.2bn, or 4.9% of GDP.
While this figure was slightly higher than the previous estimate, it was still 9.3bn lower than the previous year’s total.
via BBC
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