UK posts smaller than expected January surplus as new finance minister readies budget
LONDON, Feb 21 (Reuters) – British posted a smaller-than-expected budget surplus in January, a reminder of the constraints facing new finance minister Rishi Sunak as he prepares to deliver his first budget next month.
The surplus excluding public sector-owned banks stood at 9.813 billion pounds last month, down 18% from January 2019, the Office for National Statistics (ONS) said.
A Reuters poll of economists had pointed to a surplus of 11.3 billion pounds.
January is typically a surplus month for Britain’s public coffers because of seasonal flows of income tax.
The latest data showed increases in income and sales tax receipts, but corporation tax income fell in January compared with a year ago.
The improvement in revenue was cancelled out by a hefty 5.7% annual increase in current spending — reflecting an increase on spending on health announced by former prime minister Theresa May.
Britain paid 2.1 billion pounds into the European Union budget in January, up by 1.1 billion pounds on a year ago.
The government accounts were boosted by a 843 million-pound fine to be paid by Airbus for a deferred prosecution agreement with various countries.
Sunak said on Tuesday he will stick with the March 11 date for the government’s first post-Brexit budget, dispelling speculation that the plans, likely to entail a big increase in spending, would be delayed.
His predecessor Sajid Javid, who was already working on plans to increase public investment after a decade of tight controls on spending, resigned unexpectedly last week.
The ONS said borrowing in the first 10 months of the financial year stood at 44.8 billion pounds, 14.9% higher than it was for April 2018 to January 2019.
Disclaimer:Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Iran’s Stacked Election Is Expected to Produce a Hard-Line Parliament When Iranians go to the polls on Friday they will be taking part in what may be the least representative and least fair election in the Islamic Republic’s history. While … read more
Kyrie Irving to miss significant time with expected shoulder procedure PHILADELPHIA — Kyrie Irving’s homecoming season with the Nets is over, practically before it started. The New Jersey-bred star is expected to opt for surgery on his right shoulder impingement, … read more
EU’s Gentiloni says expected rebound in Italy, France, Germany now uncertain ROME (Reuters) – The expected rebound of the Italian, French and German economies after the slowdown in the end of 2019 is now uncertain following coronavirus, the EU Commissioner … read more
Report: NFL expected to expand playoff field The NFL is expected to add two playoff teams and reduce the number of teams getting a playoff bye in the next collective bargaining agreement, and that agreement could be completed within a … read more
Ambassador Richard Grenell expected to be named director of national intelligence President Trump is expected to name Richard Grenell, the U.S. ambassador to Germany, to become acting director of national intelligence, Fox News has confirmed. Grenell, a Trump loyalist who … read more
Trump Expected to Name Richard Grenell as Acting Head of Intelligence WASHINGTON — President Trump was expected to name Richard Grenell, the American ambassador to Germany, to be the acting director of national intelligence, three people familiar with the matter … read more
China widely expected to trim lending benchmark LPR: analysts SHANGHAI (Reuters) – China is widely expected to cut its benchmark lending rate on Thursday, according to a survey of traders and analysts, after the central bank lowered the interest rate … read more
Trump expected to grant clemency to disgraced ex-Gov. Rod Blagojevich Rod Blagojevich | AP file photo Trump’s move will set in motion the process to free Blagojevich from prison and end one of the most bizarre legal dramas in Illinois … read more
Ryan Newman Expected to Survive Fiery Crash at Daytona 500 DAYTONA BEACH, Fla. — Denny Hamlin earned his second straight Daytona 500 victory on Monday, but the result was quickly overshadowed by concern for Ryan Newman after he was involved … read more
Argentine bonds teeter on signals expected from IMF about debt revamp talks Argentine bonds teeter on signals expected from IMF about debt revamp talks By Hugh Bronstein BUENOS AIRES (Reuters) – Argentine bonds were paralyzed on Monday as investors awaited … read more
United pushes back expected return of grounded Boeing planes United Airlines said Friday it is removing the grounded Boeing 737 Max from its schedule until early September, forcing it to cancel thousands more flights. United, Southwest and American are bracing … read more
Weinstein’s defense expected to make its final case to New York jury in rape trial NEW YORK (Reuters) – A lawyer for Harvey Weinstein is expected on Thursday to urge a New York jury to acquit the former Hollywood producer … read more
Here’s the timeline for the US Navy’s next-generation frigate WASHINGTON – The Navy is expected to but its first next-generation frigate this year, so here’s what the next few years are going to look like in FFG(X)-land, according to budget … read more
Weinstein accuser’s agent expected to testify in New York rape trial NEW YORK (Reuters) – Lawyers for Harvey Weinstein are expected to call the former agent of accuser Jessica Mann to testify on Tuesday in the ex-producer’s rape case as … read more
Plea change expected in Louisiana black church burnings The suspect in a series of fires set last spring at African American churches in Louisiana is scheduled for a change-of-plea hearing By The Associated Press February 10, 2020, 6:10 AM 2 … read more
As expected, Clippers waive Isaiah Thomas The Clippers didn’t need help at point, already having Patrick Beverley, Lou Williams, and sometimes Landry Shamet in that role. Thomas, who is averaging 12.2 points a game this season, will become an unrestricted … read more
Red Sox bench coach Ron Roenicke is expected to be named Boston’s next manager once Major League Baseball concludes its investigation into the organization’s involvement in the sign-stealing scandal, according to the Boston Globe. Roenicke would succeed Boston’s 2018 World … read more
Slippery and slick commutes expected in Hamilton, Halton and Niagara Hamilton, Halton, Niagara and area news from CHCH – Hamilton, Halton, and Niagara news.. A blanket of snow has covered much of the Golden Horseshoe Area, causing slick roads and … read more
A 21-year-old man is expected to be charged with capital murder in the shooting deaths of his former girlfriend and her sister inside an East Texas university residence hall, according to a report. Jacques Dshawn Smith on Monday allegedly shot … read more
On eve of expected acquittal, Trump snubs Pelosi, assails Democrats WASHINGTON (Reuters) – U.S. President Donald Trump, emerging from the shadow of impeachment, on Tuesday stared down Democratic lawmakers who seek to toss him from office and snubbed top Democrat … read more
Trump Is Expected to Showcase U.S. Economy in State of the Union WASHINGTON — President Trump is expected to use his State of the Union address on Tuesday to bask in what he calls the “blue-collar boom” underway across the … read more
Weinstein accuser expected to testify about alleged rape, relationship with producer NEW YORK (Reuters) – A onetime aspiring actress who prosecutors say maintained a relationship with Harvey Weinstein after he raped her because she felt “trapped” is expected to testify … read more
US Expected to Loosen Restrictions on Land Mines — Smart Ones, Anyway The new rule could pave the way for the Army to deploy networked, sensor-packed remote-controllable mines far from the Korean peninsula. Can smarter, sensor-infused land mines protect U.S. … read more
Wounded Troop Tally from Iran Missile Strike Expected to Rise Again Trump “understands the nature” of brain injuries, says Defense Secretary Esper after the president downplayed Americans’ wounds as not “serious.” The number of U.S. troops who suffered traumatic brain … read more