Tuesday, 22 August 2017

Government runs July budget surplus for first time in 15 years

The government recorded a budget surplus last month for the first time since 2002 as more money came in from self-employed tax receipts.

July saw a surplus of £0.2bn, compared with last year's deficit of £0.3bn.

For the four months so far this year, though, public sector net borrowing - which leaves out support for public sector banks - was £1.9bn higher than last year's at £22.8bn.

The figures come from the Office for National Statistics (ONS).

July is the second most important month, apart from January, for tax revenue paid for by those completing self-assessment forms, such as the self-employed,
In both months, accrued receipts are higher because of receipts from self-assessed income tax.

This month, those receipts were the highest since records began in 1999.

July's receipts increased by £0.8bn, to £8bn, compared with July 2016.

A Treasury spokesperson said: 'We are making good progress in strengthening our public finances and living within our means.

"Our national debt, at £65,000 for every UK household, is still too high. That is why we have a clear fiscal plan to reduce our debts and build a stronger economy for every household."

But Ruth Gregory, economist at Capital Economics, said the figures were probably just a blip, as the deadline fell on a different day of the week from last year.

BBC     News.

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