Public borrowing dips to lowest level in 11 years

ONS has revised down its figure

UK government has recorded a smaller budget deficit than expected in the second month of the 2018/19 financial year.

The deficit last month stood at £5bn— the lowest for the month since 2007— compared with £7bn a year ago, the Office for National Statistics (ONS) said today. Last year, the borrowing totalled £39.5bn.

In April and May combined, Britain has borrowed £11.8bn. That’s £4.1bn less than a year ago, and the best start to a financial year since 2007 (before the financial crisis).