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UK Government Borrows Nearly £17bn in December

January 25, 2022 by Forex Winner Leave a Comment

UK Government Borrows Nearly £17bn in December

Source: Office for National Statistics

The British government borrowed £16.8B to balance its books last month as the public finances felt the impact of rising inflation. FTSE 100 up +0.88%, GBP USD down -0.31%

  • Rising tax receipts were partly offset by a rapid increase in interest payments of the £2trillion national debt, increased by the emergency measures to support the economy in the last two years.
  • The debt interest payments surged to a six-month high of £8.1 billion after a rapid increase in inflation. Repayments on some of the UK’s borrowing is tied to the cost of living.
  • The UK’s budget deficit was £7.6 bn, significantly lower at £16.8bn than in the same month prior year and stood below the £18.5 bn anticipated by the City.
  • Tax receipts in December increased by £6.2 bn compared to the prior year, including an increase in corporation tax, stamp duty, income tax, VAT, and fuel duty receipts.

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