Home Feature UK posts highest ever budget surplus in Jan.

UK posts highest ever budget surplus in Jan.

by Nada Ali

The UK recorded its largest ever budget surplus during January this year in over three decades, amounting to £16.7 billion, the highest since monthly records began in 1993 and double the surplus from a year ago, said the Office for National Statistics on Wednesday.

Central government tax receipts increased by £3.9 billion year-on-year to £111.4 billion, primarily driven by higher revenues from corporation tax, income tax, and Value Added Tax (VAT).

However, self-assessed (SA) tax receipts were slightly lower than last January. Net social benefits increased by £3.4 billion in January to £23.7 billion. This data provides a final assessment of the public finances before next month’s budget.

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