Government borrowing drops in May but debt levels remain a 'black hole'

UK government borrowing was significantly lower in May than during the same month last year as the economy recovers from the coronavirus crisis, but remains elevated on a historical basis.

According to the Office for National Statistics (ONS), borrowing - the difference between spending and tax income - was £24.3bn during May, £19.4bn lower than the same month in 2020. However, this figure...