UK finances see first January deficit in ten years
Industry News | 19/02/21
UK government borrowing hit £8.8bn last month, the highest January figure since records began in 1993, reflecting the cost of pandemic support measures. It was the first time in 10 years that more has been borrowed in January than collected through tax and other income.
January is usually a key revenue-raising month as it is when taxpayers submit their self-assessment returns. Tax income fell by less than £1bn, but the government spent £19.7bn more than last year on measures such as furlough.
Government borrowing for this financial year has now reached £270.6bn, which is £222bn more than a year ago, said the Office for National Statistics (ONS), which published the data.
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