King 'pessimistic' about economy

26 June 2012 Last updated at 04:45 ET

Public finances have been hurt by lower tax revenues

The UK government borrowed more than expected in May, the Office for National Statistics, said as tax receipts fell and spending rose.

Public borrowing, excluding financial interventions such as bank bail-outs, hit £17.9bn, compared with £15.2bn the previous year.

May's figure was higher than many analysts' expectations of about £14.8bn.

The weak figures could add to concerns over the health of the economy.