UK government finances better than expected in January
Summary
The UK's government finances showed a significant surplus in January due to higher tax collections. This surplus was the largest recorded since 1993, exceeding expectations of financial analysts.Key Facts
- The UK government recorded a budget surplus of £30.4 billion in January.
- This surplus is the largest ever for a month since 1993.
- It was more than double the surplus from January of the previous year, which was £15.4 billion.
- Analysts had predicted a surplus of £23.8 billion.
- January typically sees higher tax collection than spending due to self-assessed tax contributions.
- The Office for National Statistics (ONS) provided these financial figures.
- Retail sales in January increased by 1.8% from December, according to ONS data.
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