UK posts budget surplus in July

Britain reported its biggest budget surplus for the month of July in 18 years on Tuesday, giving finance minister Philip Hammond some extra room for manoeuvre as he faces pressure to relax his grip on spending later this year.

The surplus, excluding state-controlled banks, stood at 2.0 billion pounds ($2.6 billion), more than double the figure in July last year and well above a median forecast of 1.1 billion pounds in a Reuters poll of economists, official data showed.

The improvement was driven by strong seasonal inflows of income tax, and reduced the deficit for the first four months of the financial year to 12.8 billion pounds, down 40 percent from the same period of last year.


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

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.