Rising interest payments on UK government debt limited an expected fall in public sector borrowing last month.
Public sector net borrowing was £14bn in May, down £4bn from the same month last year, according to data published on Thursday by the Office for National Statistics. But May’s borrowing was higher than the £12bn forecast by economists polled by Reuters and well above the £10.3bn expected by the Office for Budget Responsibility.
Interest payments rose to £7.6bn in May, well above the figure for last year and higher than the OBR forecast of £5.1bn following a rapid rise in retail price inflation, to which many debt payments are linked. Index-linked gilts make up 25 per cent of UK government debt.
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