Thu, 25 July 2024

Newsletter sign-up

Subscribe now
The House Live All
Not just housing: planning reform for construction’s supply chain Partner content
Building societies ready to work with the Government to support first-time buyers, savers and economic growth Partner content
How process and broken promises have stalled progress towards veterans' wellbeing Partner content
Home affairs
Britain’s Environmental Horticulture and Gardening businesses are faced with uncertainties on crucial imports Partner content
Home affairs
Press releases

UK posts first July public finances surplus since 2002

1 min read

The UK recorded its first July surplus since 2002 last month – but over borrowing remains higher than in the last financial year.

The Government brought in £0.2bn more than it spent last month, whereas in July 2016 it ran a deficit of £0.3bn.

The figures reflect a £0.8bn increase in revenue from self-assessed income tax receipts.

Over the first four months of the financial year, however, the UK has borrowed £22.8bn, £1.9bn higher than in the same period April to July period in 2016.

The Treasury welcomed today's statistics but stressed more had to be done to cut borrowing further. 

A spokesman 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."

The Office for Budget Responsibility, the Government's official forecaster, expects borrowing in 2017/18 to be 58.3bn, up from the £45.1bn deficit last year. 



The Government’s overall debt pile stands at £1.76tn, equivalent to 87.5% of GDP. 

PoliticsHome Newsletters

PoliticsHome provides the most comprehensive coverage of UK politics anywhere on the web, offering high quality original reporting and analysis: Subscribe

Read the most recent article written by Josh May - David Davis: Brexit negotiations with the EU will get 'turbulent'


Home affairs