Public sector net debt stood at 100.1 per cent of GDP in May 2023, topping 100 per cent of GDP for the first time in 62 years. Borrowing in the first two months of 2023-24 totalled £42.9 billion, almost double the same period last year and £2.1 billion above the monthly profile consistent with our March forecast. That was more than explained by higher-than-expected spending as RPI inflation raised debt interest costs and the non-consolidated part of the NHS pay deal raised consumption spending.