Economic news

Britain's public finances record first July budget surplus since 2002

UK surprisingly posted its first July surplus in more than a decade, according to data from the Office for National Statistics.

The surplus last month stood at £184 million, compared with a £308 million deficit in 2016.

The figures were supported by a 10.6 percent year-on-year increase in self-assessed income tax receipts in July, which have risen by £800m to £8bn.

UK has been trying to fix its public finances since the budget deficit soared to almost 10 percent of GDP in 2010 after the global financial crisis.


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