Feb 21, 2023
UK in surprise boost after record tax payments in January
The UK government recorded a surprise surplus in its finances in January despite "Substantial spending" to help with energy bills and EU payments. Martin Beck, chief economic advisor to the EY ITEM Club which is a UK economic forecasting group, said the figures gave chancellor Jeremy Hunt"Some positives to work on" in his Budget, with the fall in cost of wholesale energy meaning the government's spending on support with bills "Will be a fraction" of what was officially forecast. Every January, the government tends to take more in tax than it spends in other months due to the amount it receives in self-assessed taxes, according to the Office for National Statistics. The ONS said the government had faced "Large one-off payments" in January relating to historic customs duties owed to the EU. In the end there was a surplus in the public finances due to a surprise increase in self-assessed income tax payments. Receipts were £21.9bn in January, the highest January figure since monthly records began in April 1999.
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