Summary
In July, the UK government borrowed £1.1 billion, which was less than expected. This was the lowest borrowing amount for the month in three years and is due to higher tax and National Insurance income.
Key Facts
- UK government borrowing in July was £1.1 billion.
- This borrowing amount decreased by £2.3 billion compared to July of the previous year.
- The current July borrowing is the lowest in three years.
- The reduction in borrowing was due to strong tax and National Insurance income.
- Total borrowing for the first four months of the financial year reached £60 billion.
- This total borrowing amount increased by £6.7 billion compared to the same period last year.
- The data was reported by the Office for National Statistics (ONS).
