Money in hand and wallet

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Authorities borrowing, excluding banks, for the monetary year-to-date has fallen by £19.9bn to £47.8bn, in contrast with the identical interval in 2015-16, says the Workplace for Nationwide Statistics.

That is the bottom monetary year-to-date borrowing whole since 2007-08.

The month-to-month determine fell by £2.8bn to £1.8bn – the bottom February month-to-month determine for 10 years.

The Workplace for Price range Accountability (OBR) has revised its end-of-year borrowing forecast to £51.7bn.

It beforehand predicted a determine of £68.2bn.

Nonetheless, earlier this month it warned that Chancellor Philip Hammond was unlikely to fulfill his goal of balancing the general public funds books earlier than his predecessor’s goal of 2020.

Company tax rose by 21.three% within the first 11 months of the monetary 12 months to simply over £50bn, whereas earnings from tax and Nationwide Insurance coverage contributions rose by 6.5% to £280bn.