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| Government runs July budget surplus for first time in 15 years | Government runs July budget surplus for first time in 15 years |
| (35 minutes later) | |
| The Government recorded a budget surplus last month for the first time since 2002 as more money came in from self-employed tax receipts. | The Government recorded a budget surplus last month for the first time since 2002 as more money came in from self-employed tax receipts. |
| July saw a surplus of £0.2bn, compared with last year's deficit of £0.3bn. | July saw a surplus of £0.2bn, compared with last year's deficit of £0.3bn. |
| For the four months so far this year, though, public sector net borrowing - which leaves out support for public sector banks - was £1.9bn higher than last year's at £22.8bn. | For the four months so far this year, though, public sector net borrowing - which leaves out support for public sector banks - was £1.9bn higher than last year's at £22.8bn. |
| The figures come from the Office for National Statistics (ONS). | The figures come from the Office for National Statistics (ONS). |
| July is the second most important month, apart from January, for tax revenue paid for by those completing self-assessment forms, such as the self-employed, | |
| In both months, accrued receipts are higher because of receipts from self-assessed income tax. | |
| This month, those receipts were the highest since records began in 1999. | |
| July's receipts increased by £0.8bn, to £8bn, compared with July 2016. | |
| No ease on squeeze | |
| Ruth Gregory, economist at Capital Economics, said the figures were probably just a blip, as the deadline fell on a different day of the week from last year. | |
| "Self-assessment receipts were boosted by the 31 July deadline falling on a Monday this year, but Sunday in 2016, meaning that some receipts were recorded in August last year," she said. | |
| She pointed out that so far, borrowing was still some 9% higher than the £20.9bn seen last year, with the OBR expecting this to worsen further. | |
| "As such, despite July's strength, the chancellor may still find that he has little scope for any easing back on the planned fiscal squeeze in his November Budget." | |
| The independent Office for Budget Responsibility (OBR) has forecast that public sector net borrowing will be £58.3bn during the financial year ending March 2018. | The independent Office for Budget Responsibility (OBR) has forecast that public sector net borrowing will be £58.3bn during the financial year ending March 2018. |
| The ONS data showed that total government debt, excluding public sector banks, stood at £1.758 trillion at the end of July, which is equivalent to 87.5% of gross domestic product (GDP). |