The fiscal challenges continue to persist in the United Kingdom with the slowing pace of growth and accordingly tax receipts, where the deficit widened from April, yet still improved from May last year.
The Budget Deficit on the year improved, where in May the Public Sector Net Borrowing excluding interventions narrowed to 17.4 billion in May compared to 18.5 billion pounds a year earlier. The median estimates were expecting more narrowing at 17.0 billion and was still wider from April's 10.0 billion.
Public finances, which is known as PSNCR -Public Sector Net Cash Requirements- was 11.1 billion pounds from a revised 3.5 billion in April from 3.3 billion and widened from last year's 2.369 billion.
The Public Sector Net Borrowing was below expectations at 15.2 billion pounds, and also below last year's 16.5 billion pounds, and April's 7.7 billion; expectations were for 16.5 billion pounds.