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UK Budget Balance Logs Surplus In July

The UK budget balance showed a surplus in July, figures from the Office for National Statistics showed Wednesday.

Public sector net borrowing excluding public sector banks was in GBP 1.3 billion surplus. Nonetheless, this was smaller by GBP 2.2 billion from July 2018 and also remained below economists' forecast of GBP 2.7 billion.

In July, accrued receipts are particularly high owing to receipts from self-assessed Income Tax.

ONS said receipts from self-assessed Income Tax increased GBP 0.3 billion to GBP 9.4 billion. This was the highest level of July self-assessed Income Tax receipts on record.

Borrowing in the current financial year-to-date period was GBP 16.0 billion, which was GBP 6.0 billion more than in the same period last year.

At the end of July, public sector net debt excluding public sector banks totaled GBP 1,807.2 billion or 82.4 percent of gross domestic product.

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