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The UK budget deficit reached its lowest May level since 2005, figures from the Office for National Statistics showed Thursday.

Public sector net borrowing, excluding public sector banks, decreased by GBP 2.0 billion from last year to GBP 5.0 billion in May. This was the lowest May net borrowing since 2005 and below the expected level of GBP 6.3 billion.

Public sector net debt totaled GBP 1,781.4 billion at the end of May, equivalent to 85.0 percent of gross domestic product.

Data showed that public sector net borrowing in the current financial year-to-date, was GBP 11.8 billion, which was GBP 4.1 billion less than in the same period in 2017. This was the lowest year-to-date net borrowing since 2007, the ONS said.