UK public sector net borrowing rises: What does it mean for taxes?
The UK’s public sector net borrowing, excluding public sector banks, hit a new record surplus in January 2024, the highest since monthly records started being maintained in 1993, according to the Office for National Statistics. Public sector net borrowing, not including public sector banks, saw a surplus of about £16.7 billion in January, which was more than twice January 2023’s surplus of £7.5 billion. However, it was still a just below analyst expectations of £18.7 billion. Total public sector receipts inched up by 3.4%, coming in at £119.5 billion, primarily due to increases in income tax, ...