"Britain notched up the biggest monthly surplus since records began in 1993, according to the Office for National Statistics. The windfall was driven by a surge in self-assessed tax payments and a sharp fall in debt interest costs. It means the Government took in far more than it spent last month - and £6.3 billion more than the Office for Budget Responsibility forecast."
"Central government tax receipts jumped by £13.3 billion to £109.7 billion. Capital gains tax alone soared by £7 billion to £17 billion - beating expectations - after increases announced in Labour's first Autumn Budget in 2024. Self-assessment income tax payments also surged by £3.6 billion to £29.4 billion. January is traditionally a strong month for tax receipts - but this year smashed previous records. Government spending edged down slightly by £0.6 billion to £86.1 billion."
Britain recorded a £30.4 billion surplus in January, the largest monthly surplus since records began in 1993. Central government tax receipts rose by £13.3 billion to £109.7 billion, with capital gains tax up £7 billion to £17 billion and self-assessment income tax rising by £3.6 billion to £29.4 billion. Government spending fell slightly by £0.6 billion to £86.1 billion. Debt interest payments dropped £5 billion to £1.5 billion, the lowest since March 2020, aided by lower interest rates. The surplus exceeded the Office for Budget Responsibility forecast by £6.3 billion and was £15.9 billion higher than January last year.
Read at London Business News | Londonlovesbusiness.com
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