The Office for National Statistics (ONS) said public sector net borrowing was £16 billion in June, which was 33.1% less than the same month last year. The borrowing figure shows the difference between what the Government spends in the public sector and what it makes from taxes and other income. The lower-than-forecast figure may offer some respite to Mr Healey, who was appointed Chancellor by new Prime Minister Andy Burnham on Monday. Borrowing between April and June, the first three months of the financial year, was £56.7 billion, coming in £2.7 billion above the OBR's forecast. Dennis Tatarkov, senior economist at KPMG UK, said: "Borrowing for the first three months of the current financial year was £2.7 billion above the OBR's March projections.