Britain sees public fiscal surplus in July

GMT 14:09 2015 Friday ,21 August

Arab Today, arab today Britain sees public fiscal surplus in July

British economy
London - XINHUA

British government spent less money than it received in terms of tax and other income in July, registering a surplus of 1.3 billion pounds (2.0 billion U.S. dollars), said the Office for Statistics Office (ONS) Friday.

The government received 59.1 billion pounds in income in July 2015, or an around 4 percent rise year-on-year.

Of the 1.3 billion pounds' saving, 3.2 billion pounds were saved on the cost of the "day-to-day" activities of the public sector, while the government spent 1.9 billion pounds on infrastructure, or net investment, said ONS.

So far this fiscal year, or from April 2015 to July 2015, British public sector has borrowed 24 billion pounds, 7.3 billion pounds lower than at the same point in the previous fiscal year, data showed.

The Office for Budget Responsibility (OBR), an independent fiscal forecasting arm for government, expects that the public sector will borrow 69.5 billion pounds during the financial year ending March 2016.

Data also showed the public sector net debt, excluding public sector banks, now stands at 1.5 trillion pounds, which is 80.8 percent of gross domestic product (GDP), the ONS said.

Samuel Tombs, senior UK Economist at Capital Economics, said in a note: "July's UK public borrowing figures show that the public finances are now benefiting fully from the economic recovery's strength." (1 British pound=1.57 U.S. dollars)

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