(Feb 20): Britain recorded the biggest budget surplus on record as a bumper month for the public finances was augmented by a surge in inflows of capital gains tax and lower debt payments.
Revenue exceeded spending by £30.4 billion in January — £15.9 billion more than the gap a year earlier, according to official statistics released on Friday. The figure was higher than the £24 billion forecast.
It left the deficit in the first 10 months of the fiscal year at £112.1 billion, undershooting the £120.4 billion forecast by the Office for Budget Responsibility and providing some relief for Chancellor of the Exchequer Rachel Reeves.
January is the biggest tax month of the year as taxpayers settle liabilities from the previous fiscal year before a month-end deadline. However, revenue this year was boosted by companies and individuals selling assets in anticipation of capital gains tax increases in Labour’s first budget.
Uploaded by Evelyn Chan
