UK has recorded its biggest budget surplus for the month of July in 18 years, latest figures from Office for National Statistics showed today, helping finance minister Philip Hammond as he prepares his annual budget statement later this year.
The government’s finances were in surplus by £2bn last month.
John Hawksworth, chief economist at PwC, said: “The long hot summer also brought some sunshine for the Chancellor, with the public finances £2bn in surplus in July, the largest such July budget surplus for 18 years. That was not just before the financial crisis, but actually before Gordon Brown started spending the war chest he built up in the late 1990s…
“This better news on the deficit should give the Chancellor a bit more wiggle room when it comes to his Budget in November…”