borrowing. remember, that is the difference between what the government earns in taxes under the revenues, versus what it has to pay out in public spending, things like job support schemes and business loans right now. that came in at £24.73 loans right now. that came in at £24.3 billion, 19 billion lower than the same time last year. that gives you a sense of may versus may. if we put it on the next graph, into context of the whole previous decade, if we look over previous years, you start to get a sense of why 2020 has been so bad for our public finances. the government, borrowing nearly £300 billion into march, and you will see how it compares to previous years, the highest ever level since the end of world war ii. what does that mean for debt, the amount of money that we go as a country? government debt over the year, hitting £2.2 trillion. that is 99% of gdp, the
government borrowing fell last month as the easing of lockdown restrictions, and the reopening of shops and hospitality venues helped to improve the public finances. but it was still the second highest may borrowing on record. for more on this let s speak now with our business presenter, ben thompson. good morning. these figures for may give us a sense of how the economy is recovering as more businesses are able to reopen. morrow was able to go back to the office and, crucially, go out to spend and to consume. let me show you these figures on the grass because they put it into context. on this first one, hopefully you can seek may compared to the rest of the year. as you crucially compared to may of last year, when you know we entered that first lockdown and public finances were in a pretty tough condition. borrowing is a difference between what the government has to spend on public services, but crucially on things like the furlough and job support schemes and also the difference betw
now with our business presenter, ben thompson. so, what were the figures? yes, victoria, good morning. these do give a snapshot of how the economy is faring, as it emerges from various restrictions over the past year. you re absolutely right, the latest figures tell is what happened in may, and it paints a picture of an economy that is on the mend. borrowing fell in may, versus the same month last year. of course, may of 2020 was in the midst of the first lockdown, and therefore the finances were pretty dreadful. as the economy now starts to recover, business cards to reopen, we all get back out spending, the public finances are looking a little better. let me show you the graphs that put this into a bit of context. hopefully you can see on this first one the figure for may, showing borrowing. following is the difference between what the government owns in things like taxes and other revenues, versus what it has to pay out on public spending, particularly things like job support