Government borrowing eases in May

Government borrowing fell in May compared with the same month last year, with the economy in recovery mode after lockdown measures eased.

Borrowing – the difference between spending and tax income – was £24.3bn, official figures show, which was £19.4bn lower than May last year.

However, the figure was the second highest for May since records began.

Borrowing has been hitting record levels, with billions being spent on measures such as furlough payments.

The huge amount of borrowing over the past year has now pushed government debt up to nearly £2.2 trillion, or about 99.2% of GDP – a rate not seen since the early 1960s.

The Office for National Statistics (ONS) now estimates that the government borrowed a total of £299.2bn in the financial year to March.

While that was down by £1.1bn from its previous estimate, it remains the highest level since the end of World War Two.

The ONS said the cost of measures to support individuals and businesses during the pandemic meant that day-to-day spending by the government rose by £204.2bn to £942.6bn last year.

Like this article? Share on

Facebook
Linkdin
Twitter
Telegram
WhatsApp

Related articles

Information about our own complaints process, raising concerns to the Legal Ombudsman and to us

We want to give you the best possible service. However, if at any point you become unhappy or concerned about the service we provided then you should inform us immediately, so that we can do our best to resolve the problem.

In the first instance it may be helpful to contact the person who is working on your case to discuss your concerns and we will do our best to resolve any issues at this stage. If you would like to make a formal complaint, then you can read our full complaints procedure here. Making a complaint will not affect how we handle your case.

The Solicitors Regulation Authority can help you if you are concerned about our behaviour. This could be for things like dishonesty, taking or losing your money or treating you unfairly because of your age, a disability or other characteristic. 

You can raise your concerns with the Solicitors Regulation Authority.

What do to if we cannot resolve your complaint

The Legal Ombudsman can help you if we are unable to resolve your complaint ourselves. They will look at your complaint independently and it will not affect how we handle your case.

Before accepting a complaint for investigation, the Legal Ombudsman will check that you have tried to resolve your complaint with us first. If you have, then you must take your complaint to the Legal Ombudsman:

  • Within six months of receiving our final response to your complaint; and,
  • Within one year of the date of the act or omission about which you are concerned; or
  • Within one year of you realising that there was a concern.

 

If you would like more information about the Legal Ombudsman, you can contact them at the following details:

 Contact details

This website uses cookies to ensure you get the best experience on our website. By closing this message, you consent to our cookies on this device in accordance with our cookie policy unless you have disabled them.