Money (8)

The UK government had a decreased surplus for the month of July, as the first figures are released since the Brexit vote.

Public sector net borrowing was surplus by £1 billion last month, a drop in surplus of £0.2 billion compared with July 2015.

The Office for National Statistics reported the total borrowing in the current financial year-to-date decreased by £3 billion, to £23.7 billion when compared to the same period last year.

Due to revenues on corporation tax bills and those that are self-employed paying their income tax, July is typically a strong month for public finance.

Public sector net debt saw an increase of £35.3 billion from 2015, at £1,604.2 billion, equivalent to 82.9% of Gross Domestic Product (GDP).

Chief Secretary to the Treasury David Gauke said the UK was “well-placed” to cope with the economic challenges ahead.

Mr. Gauke commented: “With the public finances in surplus in July, our economy starts from a position of strength to face any economic turbulence following the vote to leave the EU.

“As we keep working to cut the deficit, we are well-placed to handle any challenges and seize the opportunities as our economy adjusts.

“We are determined to build on our economic strengths to ensure Britain is a country that works for everyone.”