UK public sector net lending fell 44.4% to £19.4 billion

Bayanalysis - UK public sector net borrowing was 24.3 billion pounds in May 2021, 19.4 billion pounds less than in May 2020, a 44.4% year-on-year decline, and compared to market expectations of 26.1 billion pounds, according to the British Office for National Statistics.

Britain's recent economic recovery has boosted tax revenue and limited spending. However, it was the second highest borrowing in May since monthly records began in 1993, as the coronavirus pandemic has had a major impact on public sector borrowing and debt.

Central government revenue increased by £7.5 billion compared to May 2020, while spending decreased by £10.9 billion.

Public sector net borrowing fell to £53.4 billion in the financial year to May 2021, from £91.1 billion in the same period last year, but it is still the second-highest financial borrowing in the year to May since monthly records began in 1993.

It is worth noting that the largest public sector borrowing in Britain was 47 billion and 349 million pounds, and that was in April 2020, while the public sector achieved the highest lending at 11 billion and 854 million pounds and was in January 2019.