UK Finance Surplus Lower Than Last Year

Government finances for January showed a surplus of £4.7bn, the Office for National Statistics has said.

That was less than the £6bn surplus recorded a year ago.

For the financial year-to-date, government borrowing was £90.7bn, which was £4bn lower than at the same point a year earlier.

January usually records a surplus due to high tax receipts, but in most other months the government borrows more money than it receives.

The total pile of government debt now stands at £1.24tn, equivalent to 74.6% of the UK’s total economic output.

The ONS figures are initial estimates and are subject to revision. They exclude the effect of bank bailouts.

The £1.3bn fall in January’s surplus when comparing with a year earlier was down to higher government spending. Tax receipts from VAT and stamp duty were up slightly, but this was offset by a fall in receipts from income and corporation tax.

via BBC

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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