21st Jul 2026 07:24
(Alliance News) - UK public sector net borrowing fell in June, although May's total was also revised downwards, the Office for National Statistics reported on Tuesday.
The UK borrowed GBP15.99 billion in June, down from GBP20.00 billion in May, which was revised downwards from GBP23.29 billion. June's total was around GBP300 million below the Office for Budget Responsibility's forecast, the ONS said, citing "lower inflation-linked debt interest costs."
Borrowing for the year ended June was GBP57.6 billion or 1.9% of GDP, down GBP3.7 billion or 6.0% year-on-year. However, it was GBP2.7 billion above the OBR forecast, "partly reflecting differences in provisional public corporations data."
The UK ILO unemployment rate for people aged 16 years and over was estimated at 4.9% in the three months ended May, up from 4.7% in the previous year but down from 5.0% in the previous quarter. FXStreet-cited consensus had predicted another 5% increase.
The LFS employment rate for people aged 16 to 64 years was estimated at 75.1% for the March to May quarter, up from 75.0% on-quarter but down from 75.2% year-on-year.
The number of people employed in the period increased by approximately 147,000, accelerating from the previous quarter's increase of around 100,000.
Average earnings excluding bonuses grew by 3.4% annually in the same quarter, unchanged from the prior quarter and in line with consensus. Including bonuses, average earnings rose 4.3%, down from 4.4% and below consensus of 4.5% growth.
By Emma Curzon, Alliance News reporter
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