Government handed surprise boost with borrowing figures

Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleThe UK government's borrowing in July was £1.1 billion, significantly lower than the £2 billion economists had predicted. This figure marks the lowest July borrowing total in three years and represents a £2.3 billion reduction compared to the same month last year. The improved performance was primarily driven by a significant increase in tax receipts, particularly from self-assessed income tax and national insurance payments. Despite this positive monthly outcome, cumulative borrowing for the first four months of the financial year stands at £60 billion, an increase of £6.7 billion over the corresponding period last year. The figures emerge amidst warnings that the Chancellor may need to raise taxes to address a potential £51 billion shortfall in public finances. In fullUK government borrowed less than forecast in July in boost for Rachel ReevesThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

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