UK Government Collects Biggest July Budget Surplus In 18 Years - Statistics Office

UK Government Collects Biggest July Budget Surplus in 18 Years - Statistics Office

The UK government accumulated its biggest July budget surplus since 2000, collecting two billion pounds ($2.5 billion) more in revenue than was spent during the month, the Office for National Statistics (ONS) revealed on Tuesday.

MOSCOW (Pakistan Point News / Sputnik - 21st August, 2018) The UK government accumulated its biggest July budget surplus since 2000, collecting two billion Pounds ($2.5 billion) more in revenue than was spent during the month, the Office for National Statistics (ONS) revealed on Tuesday.

"Public sector net borrowing (excluding public sector banks) was in surplus by 2.0 billion in July 2018, a 1.0 billion greater surplus than in July 2017; this is the largest July surplus for 18 years (2000)," the press release said.

According to ONS, the UK public sector net debt, excluding public sector banks, amounted to about 1.777 trillion pounds ($2.2 trillion), which is equivalent to 84.3 percent of GDP, an increase of $22.3 billion compared to July 2017.

According to reports, the government surplus was mainly provided by stronger income tax receipts.

The news comes amid the government's need to increase financing of different public services, including the National Health Service (NHS).