Public finances data for July proved to be better than previously expected, with the state borrowing a total of £4.3bn thanks to surprisingly strong tax receipts.
So far this fiscal year the Government has borrowed £56.6bn, a significant increase on last year but £11.3bn less than the Office for Budget Responsibility forecasts on which the Treasury bases its tax and spending policy. But the Chancellor said: “As inflation slows, it’s vital that we don’t alter our course and continue to act responsibly with the public finances. Only by sticking to our plan will we halve inflation, grow the economy and reduce debt.”
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