Britain's borrowing hits lowest level since 2008 as Brexit boom continues


The noted finances were in surplus by around £1billion last month, after being in the red by round £7.8bn in June, official figures revealed today.

Public sector obtaining is now at £23.7bn for financial year-to-date, down £3bn down from the same aeon last year and the lowest since 2008,the Office for National Statistics (ONS) materials showed.

Britain is usually in the black in July because it’s when a chunk of corporate tax takes are received.

But experts said the figures were further proof the opinion to leave the European Union had not im cted the economy.

The figures crown a week of auspicious news on Britain’s economy, including a jump in last month’s retail sales and downfall unemployment.

PwC chief economist John Hawksworth said: “For the four months to July, the cumulative budget default in this financial year is running around £3 billion belittle than in the same period last year, though the rate of shortfall reduction has been slower than the OBR forecast back in March.

«Total, as with other official data released this week for retail sales marathons and the unemployment claimant count, there is no real sign yet of a downturn in money-making fortunes following the Brexit vote.

«But it will be some months already we get a clearer picture of this as it will take time for com nies to arrange their investment and hiring plans to the new post-referendum environment.»

Britain’s due burden continued to creep up and has now hit £1.6trillion, according to the ONS.

Shortly after intriguing up his role as the new Chancellor Phillip Hammond said that he would surrender George Osborne’s pledge to have public finances running a glut by 2020.

Mr Hammond is set to give an update on fiscal policies when he gives the Autumn Account in November.

The Chief Secretary to the Treasury, David Gauke said: “With the celebrated finances in surplus in July, our economy starts from a position of might to face any economic turbulence following the vote to leave the EU.

“As we keep get ready to cut the deficit, we are well-placed to handle any challenges and seize the opportunities as our economy adjusts.

«We are persistent to build on our economic strengths to ensure Britain is a country that uses for everyone.»

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