- ORIGINAL NEWS
UK posts record budget surplus in January
- SUMMARY
The United Kingdom’s public finances recorded a record £16.7 billion net budget surplus in January, as tax receipts, including income and capital gains, reached £33 billion and total government tax receipts rose to £90.8 billion.
Despite this surplus, public debt stands at 96.5% of GDP.
These figures come ahead of the Finance Minister’s Spring Budget, where tax cuts are expected to be a focus amidst upcoming elections and the need to manage borrowing and public spending.
- NEWS SENTIMENT CHECK
- Overall sentiment:
positive
Positive
“The U.K. logged a record £16.7 billion ($21.1 billion) net budget surplus in January, according to official figures released on Wednesday.”
Negative
“However, with his hands largely tied by the state of the nation’s finances, investors must be realistic about the prospects for the extent of this, or prepare for more savage cuts to the U.K.’s already under-strain public services.”