UK budget surplus hit record £16.7 billion in January

The UK recorded a record net budget surplus of £16.7 billion ($21.1 billion) in January. This surplus is normal for January due to the receipt of self-assessed annual income tax payments. Self-assessed income and capital gains tax receipts for the month totaled £33 billion, down £1.8 billion from the previous year. Total government tax receipts reached a record £90.8 billion, up £2.9 billion from January 2023. Government borrowing for the ten-month period ending in January 2024 was £96.6 billion, £3.1 billion lower than the same period last year. Public debt is estimated to be around 96.5% of annual GDP. The government’s Spring Budget will be announced on March 6.