Borrowing £12bn higher than last year

By Michael Burton | 23 May 2023

Room to increase spending or reduce taxes has narrowed after the latest figures showed borrowing was £11.9bn higher than the same time last year.

Growth in tax receipts was offset by the extra costs of energy support schemes, increases in benefit payments and higher debt interest, leading to a monthly borrowing total of £25.6bn - the second highest April level since 1993.

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