RTTNews - U.K.'s public sector net borrowing was GBP 19.9 billion in May, up GBP 7.6 billion from the amount borrowed in the same month of the previous year, the Office for National Statistics said Thursday. It was also an increase from revised GBP 10.64 billion borrowed in April. Economists had expected a borrowing of GBP 19.3 billion in May.

There was a net cash requirement of GBP 18.8 billion in May, up from GBP 9.6 billion required in the previous year. It exceeded the expected amount of GBP 16 billion. In April, the public sector net cash requirement was revised GBP 4.7 billion.

Further, the statistical agency said the public sector current budget was in deficit by GBP 17.5 billion. This is a GBP 6.9 billion higher deficit than in May 2008, when there was a deficit of GBP 10.6 billion.

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