Growth in British Public Surplus highest in last four years
The British government received more money than it spent in January leaving it with its highest monthly surplus in four years. The hike in public surplus meant the government was on track to meet or even beat its borrowing target of this year. Body: UK’S financial status has taken a boost up by the highest monthly surplus for four years in January. According to the Office for National Statistics the public sector net borrowing measure logged a surplus of 7.8 billion pounds last month - which was the biggest since January 2008. It is believed that the government received the biggest boost for four years and now will do better than its annual borrowing target. The government has borrowed £93.5bn in the tax year to date, down from £109.14bn in 2010/11.As it is a better figure than what was expected, everyone has their eye on the Chancellor George Osborne could cut the taxes in the budget due on March 21.
As the public finances are lifted by the annual taxation receipts, it generally registers a surplus in January. Though it was stated a deficit of £127bn by the office of Budget Responsibility, a surprising improvement was appears in Britain’s finances. Capital economics forecast that borrowing for 2011/12 could be as low as £117m. An expectation has been raised that the coalition government will beat its target to reduce borrowing to 127 billion pounds in the current fiscal year that runs until the end of March.
A spending of only 1.6 percent has been noticed in this financial year so far. It is less than the half the rise forecast by OBR. Apart from this a rise in tax receipts has been noticed while receipt of VAT went down as compare to last year’s figure because of rise in prices at the beginning of 2011. However, tax receipts on company profits went up remarkably. Apply with same day loans no credit checks @ http://www.samedayloansnocreditcheck.me.uk/ and get quick funds and meet your all pending debts.
The estimation of government borrowing is one of the data series looked at by ratings agencies which can affect the cost of borrowing. However despite all the improvement in the borrowing grounds, Britain’s economy is on shaky ground. The chief economist at the British Chambers of Commerce is positive about the economic growth after January’s borrowing figure. British economy witnessed a fall in local government borrowing and a rise in tax receipts due to public surplus which is a boon for UK’S financial figures.
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