UK Posts First Budget Surplus Since 2002

Britain unexpectedly posted its first budget surplus for any July since 2002, boosted by strong income tax payments, according to official data on Tuesday.The surplus in July stood at 184 million pounds, compared with last year’s 308 million pound deficit, the Office for National Statistics said, citing figures that exclude state-controlled banks.The figures were boosted by a 10.6 percent year-on-year rise in self-assessed income tax receipts in July, a month that often sees a spike in these returns.Historically, July has been a strong month for corporation tax receipts too, although these fell slightly compared with a year ago.

Source: UK public finances show first July surplus since 2002

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.