Next Government to Inherit Highest Debt Level Since 1961

The next government is inheriting the highest level of national debt in more than 60 years despite lower-than-expected borrowing in May, according to official estimates. The figures, published on Friday by the Office for National Statistics (ONS), came as both major parties promised to bring debt down ahead of the general election on July 4. In May, public sector spending was £15 billion more than public sector income. It was £0.8 billion more than borrowing in May 2023 and the third highest May borrowing since monthly records began in 1993. Nevertheless, it was £0.6 billion below forecasts from the Office for Budget Responsibility (OBR), the government’s official forecaster, and was also less than economists had predicted....