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Financial News: UK January Budget Surplus Highest Since 2000

UK January Budget Surplus Highest Since 2000

02/21/2017 - 04:58:00 (RTTNews)

(RTTNews) - The UK budget balance showed the biggest surplus for January since 2000, the Office for National Statistics showed Tuesday.

Public sector net borrowing, excluding public sector banks, showed a surplus of GBP 9.4 billion, which was GBP 0.3 billion larger surplus than in January 2016. This was the highest January surplus since 2000.

However, the surplus was below the expected level of GBP 14 billion.

In both January and July, receipts are particularly high due to the receipt of self-assessed Income Tax, Capital Gains Tax and self-assessed National Insurance contribution.

In the current financial year-to-date period, PSNB excluding banks, dropped by GBP 13.6 billion to GBP 49.3 billion, the lowest year-to-date borrowing since the financial year-to-date ending January 2008.

Public sector net debt, excluding banks, was GBP 1,682.8 billion at the end of January 2017, equivalent to 85.3 percent of gross domestic product. This represented an increase of GBP 91.7 billion since January 2016.

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