FTSE 100 Live May 23: Sovereign debt higher than expected

Public borrowing is higher than expected at £25.6 billion

Public sector net borrowing was £25.6 billion in April, well above the expected £19.1 billion.

In addition to higher benefit payments and interest on debt, energy subsidies continued to be a key factor in the high level of borrowing.

After borrowing for the full year 2022-23 came in lower than expected, raising hopes for fall tax cuts, the higher-than-expected figure could make Jeremy Hunt more cautious.

The reading was the second highest reading for April since records began in 1993.

Public sector net debt is now £2,536.9 billion.