The May figures for public borrowing have risen from £15.2 billion in May 2011 to £17.9 bn for May 2012.
Spending is well up, rising by 7.9%. Income tax and capital gains tax revenue has fallen by 7.2% on the same month last year, underlining fears expressed on this site that the government has not set revenue maximising rates. The higher rates are yielding less revenue.
The government says there might be one off items distorting these figures. However, the falling receipts from Income Tax is now a well established trend which should be worrying the Treasury. The spending figures confirm the arguments here that so far public spending under this government has been rising in real terms overall, despite some specific cuts.