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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May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.