UK borrowed £14bn in May as inflation drove up interest debt costs – business live

Rolling coverage of the latest economic and financial news

UK borrowed more than expected last month, but less than a year agoInterest bill rose 70% to £7.6bn in May, third highest on record.UK rail strike: second day of action to go ahead after talks fail again

Chancellor of the Exchequer, Rishi Sunak, has warned that rising inflation is a challenge to the public finances:

“Rising inflation and increasing debt interest costs pose a challenge for the public finances, as they do for family budgets.

“That is why we are taking a balanced approach – using our fiscal firepower to provide targeted help with the cost of living, while remaining on track to get debt down.

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