UK government borrows more than expected as debt costs surge

The budget deficit stood at £14 billion ($17.2 billion), £2 billion higher than economists had forecast. Overall government spending was higher than the Office for Budget Responsibility predicted in March, and receipts lower. Higher interest rates and inflation boosted the money the Treasury spends to service its debt to £7.6 billion, the most for any May on record, from £4.5 billion a year earlier.

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