Mumbai, June 20 -- UK public sector net borrowing increased in May despite an increase in government receipts, official data showed on Friday.
In May, borrowing increased GBP 0.7 billion from the last year to GBP 17.7 billion, the Office for National Statistics reported. This was more than the GBP 17.1 billion forecast by the Office for Budget Responsibility.
Further, this was the second highest borrowing in any May since records began in 1993.
Central government's current receipts increased GBP 5.3 billion to GBP 82.5 billion in May. Tax receipts rose by GBP 3.5 billion due to the increases in income tax and value added tax income and compulsory social contributions.
Changes to the rate of National Insurance contributions paid by emplo...