Financial News: UK Budget Logs Surplus In January

UK Budget Logs Surplus In January

02/21/2025 - 08:37:00 (RTTNews)

(RTTNews) - The UK budget logged a record surplus for the month of January on self-assessed taxes but it remained below the official estimate, data from the Office for National Statistics showed Friday.

The public sector was in surplus by GBP 15.4 billion in January, which was a GBP 0.8 billion larger surplus than the last year. This was the highest January surplus since monthly records began in 1993.

However, this was below GBP 20.5 billion surplus forecast by the Office for Budget Responsibility.

Central government's receipts increased GBP 7.8 billion to GBP 117.6 billion in January.

Combined self-assessed income and Capital Gains Tax receipts reached the highest January level on record. Receipts rose GBP 3.8 billion to GBP 36.2 billion.

In the financial year to January, public sector net borrowing was GBP 118.2 billion, which was GBP 11.6 billion more than at the same point in the last financial year and also marked the fourth-highest financial year-to-January borrowing since monthly records began in 1993.

While January's disappointing public finances figures may not be as bad as they first appear, they continue the run of bad news for the Chancellor Rachel Reeves in 2025 and underline the difficult choices she faces, Capital Economics economist Alex Kerr said.

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