UK July budget surplus comes up short

Business | 21 Aug 2019 5:46 pm

The UK recorded a smaller budget surplus than expected in July, latest data show.

The gap between spending and borrowing was £1.3 billion in July, down from a £3.5 billion surplus a year ago.

The decline is due to government spending rising faster than income.

The Office for National Statistics reports that spending grew by 4.2 percent compared with July 2018, including a 2.6 percent rise in benefit spending.

Total income, though, actually dropped by 0.5 percent, partly due to a 1.1 percent drop in corporation tax. That outpaced a 1.5 percent increase in income tax and capital gains receipts, and a 2.6 percent jump in VAT payments.

 

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