Public finances show first January deficit for a decade - £8.8bn vs £10bn surplus last Jan.
tax receipts held up far more strongly than might be expected... self assessment income actually up on last Jan - mainly a spending thing - vaccines, furlough
ons.gov.uk/economy/govern…
tax receipts held up far more strongly than might be expected... self assessment income actually up on last Jan - mainly a spending thing - vaccines, furlough
ons.gov.uk/economy/govern…
spending on eg procurement of vaccines, PPE etc - was up £8bn on last Jan, job support schemes £5bn up.
Interest payments more than half what they were last January - £1.8bn vs £3.9bn
EU contribution “0.0” - £2.1bn less than last Jan
“0.3bn” estimate on tariff income
Interest payments more than half what they were last January - £1.8bn vs £3.9bn
EU contribution “0.0” - £2.1bn less than last Jan
“0.3bn” estimate on tariff income
Good point - they haven’t yet decided how to account for the ‘divorce bill’... also doesn’t appear to have been any payments for ongoing participation in EU schemes - though there should be some...
https://twitter.com/uk_domain_names/status/1362740190662565888?s=21
On self assessment - OBR itself says January revenues were £7bn higher than its forecasts and “had been expected to be weaker due to deferrals” but “fewer taxpayers have made use of self serve time to pay” & perhaps used SEISS grants. Net effect will depress receipts next year
It is interesting that fewer self employed taxpayers used the option to defer payments. VAT more buoyant than expected too as retailers repaid deferred bills...
Also 👀 departments not spending as much money as allocated including Health - underspend already 12bn, will increase.
Also 👀 departments not spending as much money as allocated including Health - underspend already 12bn, will increase.
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