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Government borrowing fell in May compared with the same month last year, with the economy in recovery mode after lockdown measures eased.

Borrowing – the difference between spending and tax income – was £24.3bn, official figures show, which was £19.4bn lower than May last year.

However, the figure was the second-highest for May since records began.

Borrowing has been hitting record levels with billions being spent on measures such as furlough payments.

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