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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Business News
June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.