Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
UK government borrowing fell in June as the economy continued to recover from the shock of the pandemic…. but the interest payments on the national debt were pushed up by rising inflation.
Figures released by the Office for National Statistics this morning show that public sector net borrowing (excluding the cost of public sector banks) fell to £22.8bn last month.
That’s £5.5bn less than in June 2020, but still the second-highest June borrowing since monthly records began in 1993.
The ONS reports that tax receipts were stronger in June than a year ago, following the reopening of parts of the…