UK finances deteriorate further

The state of the UK’s public finances deteriorated further in January, according to official figures.

The Office for National Statistics said the government had borrowed a further £4.3bn last month.

It is first time the government has borrowed money in January since records began in 1993.

January typically brings the government a large income from tax receipts, giving it a budget surplus and allowing it to repay some of its debts.

But this year tax receipts were significantly lower than expected, the ONS said, with both income tax and capital gains tax income falling sharply.


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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza