Government borrowing falls as tax income rises

Government borrowing fell in May from a year earlier but still remained higher than pre-Covid levels.

Borrowing - the difference between spending and tax income - was £14bn, down £4bn from a year earlier, the Office for National Statistics said.

It was the third-highest May borrowing since monthly records began in 1993.

Meanwhile, central government receipts were £66.6bn in May 2022, £5.7bn more than May 2021, with an annual increase of £3.4bn in taxes.