UK Public Finances Get Surprise Boost After Record January Income Tax Haul
The UK government posted a monthly budget surplus in January despite its substantial spending commitments, due in part to record income tax payments.
According to the latest data from the UK’s Office for National Statistics (ONS), public sector net borrowing was in surplus by £5.4 billion ($6.5 billion) in January. The borrowing surplus was £7.1 billion less than in the same month in 2022, but was £5 billion larger than had been previously predicted by the Office for Budget Responsibility (OBR).
The budget surplus was partly driven by £21.9 billion of self-assessed income tax receipts for the month, which represented the highest total for January since monthly records began in 1999. The figure was £5.5 billion or one-third higher than in January 2022….