UK Logs Record Net Budget Surplus In January

United Kingdom Facing a Surplus in Budget


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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.

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