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UK posts record budget surplus in January

·1 min

The UK recorded a record net budget surplus of £16.7 billion in January, as per official figures released on Wednesday. The country’s public finances typically run a surplus in January due to receipts from self-assessed annual income tax payments. Combined self-assessed income and capital gains tax receipts in January amounted to £33 billion, down £1.8 billion YoY. Total government tax receipts reached £90.8 billion, representing a £2.9 billion increase compared to January 2023. Government borrowing for the financial year ending in January 2024 was £96.6 billion, £3.1 billion lower than the previous year. Public debt was estimated at around 96.5% of GDP, a 1.8 percentage point increase from January 2023. The figures provide the last set of public finances data before the Spring Budget is presented on March 6. With the opposition Labour Party leading in the polls, there are speculations about tax cuts.