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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by Renju Jaya
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