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Financial News: UK Logs Budget Surplus In January

UK Logs Budget Surplus In January

02/21/2024 - 02:41:00 (RTTNews)

(RTTNews) - Britain registered budget surplus in January, which was the largest since records began in 1993, the Office for National Statistics reported Wednesday.

Public sector net borrowing excluding public sector banks was in surplus by GBP 16.7 billion in January. This was a GBP 9.2 billion larger surplus than in the same period last year and the biggest on record.

The budget balance usually log surplus in January due to receipts from self assessed taxes. The ONS said the last time there was not a January surplus was 2021, during the pandemic period.

Central government receipts increased GBP 3.9 billion to GBP 111.4 billion. Expenditure rose GBP 1.6 billion to GBP 102.6 billion.

Data showed that borrowing in the financial year-to-January was GBP 96.6 billion, which was GBP 3.1 billion less than in the same ten-month period a year ago.

At the end of January, public sector net debt was provisionally estimated at around 96.5 percent of gross domestic product.

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