The UK recorded a budget deficit of 17.7 billion pounds

The UK recorded a budget deficit of 17.7 billion pounds ($23.85 billion) in May, according to a report from the Office for National Statistics (ONS).

The figure increased by 0.7 billion pounds compared to May last year. Economists on average expected a deficit of 17.1 billion pounds.

Since the beginning of the current fiscal year, that is, in April-May, the budget deficit has amounted to 27.4 billion pounds. This is 1.3 billion pounds less than in the same period last year.

The ONS report notes that the data for the first months of the financial year are largely based on forecasts and may then be significantly revised.

Budget revenues in May increased by 5.7 billion pounds, to 91.1 billion pounds, and expenditures increased by 6.4 billion pounds, to 108.8 billion pounds.

The total amount of the national debt is large