Government borrowing falls and tax receipts rocket, official figures showed yesterday


Bum for the financial year to date is £23.7billion – £3billion less than between April and July carry on year.

The figures came in the first official budget bulletin from the Appointment for National Statistics since the referendum.

Treasury coffers were tumid last month by a 3.4 per cent rise in tax receipts com red with July carry on year, rtly driven by the annual injection of yments by self-employed people and visitors.

However, these were offset by a 1.4 per cent rise in Guidance spending to £58.4billion.

Public finances were in surplus by £1billion – £400million meagre than economists had forecast and £200million less than in July concluding year.

Total public sector net debt at the end of July was £1,604.2billion – 82.9 per cent of GDP and £35.3billion more than in July 2015.

The sponge figures capped a series of positive economic indicators this week, registering strong retail sales after the referendum and good employment and perks figures in the run-up to and after the June 23 vote.

Laith Khalaf, of monetary services firm Hargreaves Lansdown, said: “July is normally one of the bumper months for tax tickets, which is why the Government found itself quids in last month.

“Of progression, the elephant in the room is Brexit and what effect this will compel ought to on tax receipts. But so far the hard economic data has actually been pretty muscular.”

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