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The United Kingdom’s public sector net borrowing recorded a surplus for the first time since the COVID-19 pandemic in January, as government receipts grew at a faster pace than expenditures.
Source: Office for National Statistics
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The fiscal budget surplus stood at £2.9 billion in January 2022, reflecting a £5.4-billion decline in borrowing from the same month last year. This is the first surplus since the COVID-19 pandemic but remains £7.0 billion lower than in January 2020.
Receipts for the month increased by £8.6 billion to £91.6 billion from the same month in 2021. This includes £18.4-billion worth of self-addressed income tax receipts, which were up £2.0 billion from the previous year.
Government expenditure recorded a slower growth of £0.5 billion to £76.3 billion in January. This includes £6.1-billion worth of debt interest payments, which reflected a £4.5 billion.
The net cash requirement recorded a £23.2-billion surplus during the month, wider by £12.5 billion from the same month in 2021. The financial year-to-date surplus climbed to £108.9 billion.
The year-to-date fiscal budget was £138.5 billion, the second-highest year-to-January performance since monthly data collection started in 1993.
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