Borrowing in the first four months of 2023-24 totalled £56.6 billion, £13.7 billion above the same period last year but £11.3 billion below the monthly profile consistent with our March forecast. The downside surprise is more than explained by higher central government receipts (£10.4 billion above profile), reflecting stronger nominal tax bases, alongside lower borrowing by local authorities and public corporations. This was partly offset by higher central government spending which was £8.0 billion above profile in part reflecting higher-than-forecast public sector pay awards.