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.
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