UK public finances see smaller surplus

The UK government had a smaller budget surplus than expected in July, the first calendar month since the Brexit vote.

Public sector net borrowing was in surplus by £1bn for the month, less than the £1.2bn seen a year earlier.

July is typically a month of surplus for the public finances, because of revenues from corporation tax.

For the financial year to date, public borrowing was 11.3% lower than a year earlier.

For the April-to-July period, the total was £23.7bn, £3bn less than the same period in 2015.

The Chief Secretary to the Treasury, David Gauke, said: “With the public finances in surplus in July, our economy starts from a position of strength to face any economic turbulence following the vote to leave the EU.

“As we keep working to cut the deficit, we are well-placed to handle any challenges and seize the opportunities as our economy adjusts. We are determined to build on our economic strengths to ensure Britain is a country that works for everyone.”

Source: BBC

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