Government borrowing in June higher than expected

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Government borrowing in June fell to the lowest level in five years, official figures show.

Borrowing – the difference between public sector spending and income from taxes – was £14.5bn, down £3.2bn from the year before and the lowest figure for June since 2019.

The fall was helped by a drop in interest payments on government debt, which was largely caused by the slowdown in inflation over the past year.

Although the borrowing figure fell last month, the total was still higher than economists had been expecting.