ONS details £1.3bn gap between revenue and expenditure – the first surplus for three years and the largest since records began in 1997

A record month for income tax receipts helped the government achieve its first July surplus on the public finances for three years, according to official figures.

The Office for National Statistics said there was a surplus of £1.3bn last month for the public sector, excluding the financial impact of state-controlled banks. That was in line with City expectations and compared with a small deficit of £100m in July last year.

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Source: The Guardian Circular Economy RSS