Public finances back in the red
Latest data released reveals that government finances are once again in the red, showing that it now borrowing money to finance spending commitments.
The deficit in public finances totalled £2.6bn, lower than the £3.6bn projected by some analysts last month.
April figures showed a £3bn surplus – public finances have fluctuated over the last few months, but to date, the financial year shows a £300m surplus.
The lower deficit was attributed to higher tax receipts, which one economist said were indicative that people were still in jobs and growth had not slowed down significantly.