Despite the record income tax receipts, the UK government budget surplus declined sharply in January due to higher interest payments and substantial spending on energy support schemes, official data revealed on Tuesday.
The Office for National Statistics said, excluding banks, public sector net borrowing was in GBP 5.42 billion surplus in January, which was about GBP 5.0 billion larger than the forecast of the Office for Budget Responsibility.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.