UK borrowing jumps as Burnham victory unsettles bonds (opens in new tab)

UK public sector net borrowing reached £23.3 billion in May, above market expectations and up almost a third from the same month last year, as higher debt-interest costs pushed the monthly deficit to one of the highest May readings on record. The Office for National Statistics released the data after financial markets reacted to the Middle East conflict; debt-servicing costs were higher than expected. Borrowing in the first two months of the 2026-27 financial year reached £46.3 billion, £7.7 ...