According to the report from the Office for National Statistics (ONS), the UK recorded a budget surplus in January, but it was less than economists' forecasts.
The data showed that excluding state-owned banks, the surplus was 2.9 billion pounds compared with a deficit of 15.4 billion pounds in December (revised from 16,8 billion pounds). Economists predicted that the surplus would be 3.5 billion pounds. The last value was 7.0 billion pounds less than in January 2020 (before the coronavirus pandemic).
The ONS reported that central government receipts totaled 91.6 billion pounds in January, an increase by 8.6 billion pounds compared to January 2021. Self-assessed income tax receipts increased by 2 billion pounds, to 18.4 billion pounds.
Meanwhile, the day-to-day expenditure of the central government increased by 0.5 billion pounds in annual terms, to 76.3 billion pounds, while interest payments on debt increased by 4.5 billion pounds, to 6.1 billion pounds.
The net debt of the public sector, excluding public sector banks, was 2,317.6 billion pounds in January, or about 94.9% of GDP (the highest level since the early 1960s). The net debt of the public sector, excluding public sector banks and the Bank of England, was 1,995.5 billion pounds, or about 81.7% of GDP.