Treasury’s tax take breaks record
Figures released yesterday by the Office of National Statistics (ONS) show the public coffers are showing the biggest surplus since records began in 1993. The surplus currently stands at £17 billion on the current budget largely as a result of corporation tax payments and income.
Corporation tax payments for January were 22% higher than last year, while income tax receipts were boosted by 14% for the same period. At the same time, the rate of public borrowing (currently 35.9% of GDP) was £3 billion less than expected.