Credit: Unsplash
The Office for National Statistics (ONS) released official figures on Wednesday, revealing that the United Kingdom posted a record net budget surplus of £16.7 billion ($21.1 billion) in January.
The ONS noted that this surplus is typical for January, as it is the time when self-assessed annual income tax payments come in. However, despite this predictable surplus, total government tax receipts reached a record £90.8 billion for the month.
Despite the surplus, government borrowing during the financial year was lower than in the same period last year, reaching £96.6 billion, down from £105.8 billion previously forecasted by the Office for Budget Responsibility.
Public debt, however, remained high, estimated at around 96.5% of annual gross domestic product. This is up from January 2023 and reflects the government’s significant spending during the COVID-19 pandemic and ongoing global economic challenges.
UK posts record budget surplus in January
The U.K. logged a £16.7 billion ($21.1 billion) net budget surplus in January, official figures showed, the largest since monthly records began in 1993.#finance #financenews #money #trading #economy pic.twitter.com/kyZDPWqBkl
— Breaking News (@FastNews77) February 21, 2024
The figures released on Wednesday mark the final set of public finances data before Finance Minister Jeremy Hunt delivers his Spring Budget on March 6. Analysts and economists are keenly awaiting the budget to see how the government plans to manage the economy in the coming year.
In light of recent political shifts and potential election concerns, some speculate that there may be pressure on Hunt to offer tax cuts to maintain voter support. However, with public finances still under strain, the extent of any tax cuts remains uncertain.
-
Plans for Neom’s ambitious “The Line,” a zero-carbon city in Saudi Arabia, have been revised, scaling back its initial... -
In a significant escalation of the ongoing dispute over misinformation, Brazil Supreme Court Justice Alexandre de Moraes has initiated...
-
Mumbai Takes the Throne for the Most Billionaires in Asia In a historic milestone, Mumbai has overtaken Beijing to...
-
French President Emmanuel Macron emphasized the need for Western powers to remain vigilant in the face of the Ukraine...
-
Ken Griffin, the founder and CEO of Citadel, emphasized the importance of prudence in the Federal Reserve’s strategy regarding...
-
The Philippines has strongly denounced what it described as “unprovoked acts of coercion and dangerous maneuvers” by China in...
-
As Moscow Prepares to Bid Adieu, Navalny’s Funeral Raises Uncertainties and International Allegations The spokesperson for Alexei Navalny has...
-
Michael Saylor, a prominent figure in the world of cryptocurrency, has seen significant gains this week as the value...
-
On the two-year anniversary of the ongoing conflict between Ukraine and Russia, there is much to reflect upon. Since...
-
Greece has become the first Christian Orthodox-majority country to legalize same-sex marriage, marking a significant step forward for LGBTQ+...
-
Massive Deflation in China as CPI Plummets by 0.8% China faces mounting challenges as its consumer prices spiral deeper...
-
3 Days of Consecutive Snowing Has Wreaked Havoc on Transportation As China prepares to celebrate the Lunar New Year,...
