Core Insights - Public sector borrowing in the UK increased by £700 million compared to the same month last year, marking one of the highest levels since records began in May 2020 [1] - The rise in income is attributed to increased income tax and national insurance contributions, but expenditures rose even more significantly due to rising operational costs and inflation-related welfare adjustments [1] Summary by Categories Borrowing - Public sector borrowing reached £700 million more than the same month last year, with only May 2020 recording a higher figure [1] Income - Income growth was driven by higher income tax revenues and national insurance contributions [1] Expenditures - Expenditures increased significantly due to rising operational costs and adjustments in welfare payments linked to inflation [1]