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British government debt decreases as tax revenue increases.

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Even while it was down from a year earlier in May, government borrowing was still more than it was before Covid.

The Office for National Statistics said that borrowing, which is the shortfall between spending and tax revenue, was £14 billion, down £4 billion from the previous year.

Since monthly statistics have been kept since 1993, it was the third-highest May borrowing.

However, despite an increase in taxes of £3.4 billion per year, central government receipts in May 2022 were £66.6 billion, £5.7 billion more than in May 2021.

However, the month witnessed the third-largest interest payment by the government in a single month and the highest interest payment in any May on record.

According to the ONS, increased inflation is largely to blame for the recent high levels of debt interest payments.

The government spent £3.1 billion more on interest payments in May than it did a year earlier, a rise of 70%.

According to the Office for Budget Responsibility, the government would spend £87.2 billion on debt interest payments for the fiscal year that ends in March 2023.

National Insurance Contributions (NICs), which raise £2 billion more than they did last year, contributed to a rise in overall tax receipts to £48.3 billion in May.

National Insurance premiums increased by 1.25p per pound on April 6 for all parties, including employees, employers, and self-employed people.

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