UK Public Sector Net Borrowing increased sharply to 15.6 billion pounds in May from a reduction of 19.9 billion pounds in April as the Office of National Statistics reported today. Economists were expecting an increase of 13.6 billion pounds however the announcement was worse than expected for the U.K economy. This increase in the Public Net Borrowing raises the debt to GDP ratio from 64.8 per cent in April to 65 per cent in May.
The British pound was steady during the news against the greenback, it fell slightly to 1.5598 immediately after the news however the GBP struggles to holds its ground and has covered some of the recent losses.