U.K. Sees First July Budget Surplus Since 2002 on Tax Boost
- Self-assessed income tax receipts rise 11%, VAT climbs 5%
- But inflation sees debt costs rise at fastest pace since 2010
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Britain posted its first July budget surplus in 15 years last month as payments of self-assessed income tax poured in.
Revenue exceeded spending by 184 million pounds ($240 million) compared with a deficit of 308 million pounds a year earlier, the Office for National Statistics said on Tuesday. The median forecast in a Bloomberg survey was for a deficit of 1 billion pounds.