Monthly update: May 2026
Borrowing in May was higher than a year earlier and well above the official forecast, the second-highest May on record.
Released . provisional
Borrowing this month
- Borrowing rose in May 2026
- £23.3 bn
- Versus the same month last year
- £5.4 billion more than May 2025
- Versus the official forecast
- £5.6 billion above the OBR forecast of £17.7 billion
What changed, and why
- What changed this month?
- The government borrowed £23.3 billion in May 2026, the gap between what it spent and what it raised. This was up on the same month last year and well above the OBR forecast.
- Why did borrowing move?
- Spending grew faster than receipts, with a sharp rise in debt interest the biggest single pressure.
- What happened to tax receipts?
- Receipts grew over the year, helped by VAT, income tax and corporation tax, but not enough to offset higher spending.
- What happened to spending?
- Day-to-day spending rose, including on debt interest, departmental services and benefits.
- What happened to debt interest?
- Central government debt interest payable was £11.7 billion in May, the highest for any May on record, largely reflecting inflation uplift on index-linked gilts.
- How does this compare with the OBR forecast?
- Borrowing came in £5.6 billion above the OBR's forecast of £17.7 billion for the month, though one month is a weak guide and figures are routinely revised.
Source: ONS, Public sector finances, UK: May 2026. Retrieved . provisional
A note on monthly figures
One month is a weak guide to the year. Monthly figures are volatile, seasonal, and routinely revised as fuller data arrives. Read the direction, not the decimal.