Tuesday, 21 August 2018

Boost for Chancellor Philip Hammond as UK logs £2bn budget surplus, according to the Office for National Statistics

Chancellor Philip Hammond has received a boost from official data showing public finances posted their biggest July surplus for 18 years.
Figures from the Office for National Statistics showed the government's finances were in surplus by £2bn last month.
The figure was up from a surplus of £1bn in July last year.

Economists had been expecting a surplus of £1.1bn.

Treasury coffers were boosted by increases in self-assessment and other tax receipts last month, according to the ONS data.

Borrowing for the financial year reached £12.8bn - the lowest for 16 years - and £8.5bn less than during the same period in 2017..

The Chancellor tweeted: "We can't be complacent, we must keep debt falling to build a #StrongerEconomy and secure a brighter future for the next generation."

Public sector net debt - which strips out the impact of bailed-out banks - was £1,777.5bn at the end of July.

This is the equivalent to 84.3% of gross domestic product (GDP) and an increase of £17.5bn on July 2017, but 1.7% lower as a percentage of GDP as it was 86% a year ago.
Experts said an improvement in public finances could make it easier for the chancellor to find the extra funds promised for the NHS without cutting back elsewhere, when he delivers his autumn statement later this year.

SKY       News.

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