This article was last updated on April 16, 2022
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Official figures have revealed on Tuesday, U.K. has boosted the hopes to beat its self-settled deficit cutting targets in the current year as the local spending cuts have helped the government to enjoy the highest monthly surplus for the four years in January.
The Chancellor, George Osborne will now get a sigh of relief after the warning given by Moody’s last week that Britain could miss its triple-A rating if feeble growth destabilized its tough austerity programme.
The figures released are also declared as the best set (excluding financial interventions – i.e. bank bail-outs) for some four years and well ahead of January 2011 £5.2 billion surplus.
The Office for National Statistics (ONS) has stated that the public sector net borrowing measure recorded a surplus of £7.8 billion (9.3 billion euros, $12.3 billion) last month – the largest since January 2008. Whereas, according to Dow Jones Newswires, the market expectations had been for a surplus of £6.4 billion.
The Labour party along with some coalition government politicians has called for tax cuts to improve growth. However, the analysts are of the view that the big giveaways in next month’s budget were unlikely as the road ahead remained tough.
An economist at Barclays Capital, Blerina Uruci has stated, “We view this as a small victory in a long and drawn-out battle to keep the debt burden manageable.”
Still January has been regarded as a sensational month for the Treasury with a good tax take. But before considering all this as the end of all issues, one point to be remembered that the country has borrowed an additional £93.5 billion this year building up the overall national debt of about £1 trillion. The current data is just a small step towards the right direction from a holistic view.
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