Government records show that the government had a surplus of $1 billion in January. This was a surprise to many people because most analysts had predicted that the government would have a deficit in January.

The government has announced that income tax profits are at an all-time high.



The UK government has announced an unexpected budget surplus for January despite ‘substantial spending’ on energy support schemes, record debt interest and one-off payments to the EU.



The Office for National Statistics today reported a seasonal budget surplus of £5.42billion after the government spent less than it received in tax during the month of January.



The surplus was £7.1 billion smaller than the one recorded in January 2022 but was £5 billion larger than had been previously predicted by the Office for Budget Responsibility.



Economists were surprised by the figures, having predicted borrowing of £7.8 billion for the month, according to a consensus from Pantheon Macroeconomics.



But the ONS instead reported a record £21.9 billion of self-assessed income tax receipts for the month, which represented the highest total for January since records began in 1999.



The government has announced that their income tax profits are at an all-time high.



The UK government has announced that they have an unexpected budget surplus for January despite substantial spending on energy support schemes, record debt interest and one-off payments to the EU.



The Office for National Statistics has today reported a seasonal budget surplus of £5.42billion after the government spent less than they received in tax during the month of January.



The surplus was £7.1 billion smaller than the one recorded in January 2022 but was £5 billion larger than had been previously predicted by the Office for Budget Responsibility.



Economists were surprised by the figures, having predicted borrowing of £7.8 billion for the month, according to a consensus from Pantheon Macroeconomics.



But the ONS instead reported a record £21.9 billion of self-assessed income tax receipts for the month, which represented the highest total for January since records began in 1999.



(Image Source: https://metro.co.uk)



(Image Source: https://metro.co.uk)



(Image Source: https://metro.co.uk)

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