The ONS has released the latest public sector finance figures this morning. With worrying signs…
Self-assessment tax receipts in January have produced a fiscal surplus of £15.4 billion, the highest since monthly records began. Good news – until you take into account that the OBR had forecast a surplus of £20.5 billion for January in its October 2024 budget report. A full quarter gone…
Self-assessment income tax receipts were £3 billion lower than the OBR predicted, and capital gains tax receipts were £1.1 billion weaker at £11.4 billion. Public sector borrowing on the other hand is the fourth-highest on record and £12.8 billion more than the OBR forecast. The Treasury borrowed £118.2bn so far compared to the estimated £105.4 billion. Some alarm bells there…
Treasury secretary Darren Jones says: “We will never play fast and loose with the public finances, that’s why we’re going through every pound spent, line by line, for the first time in 17 years, ensuring every penny delivers on the country’s priorities in our Plan for Change.” Shadow business and trade secretary Andrew Griffith meanwhile says “Brace for impact.” Expect far more aggressive kite-flying than there already has been when it comes to raising taxes or carving out a “fiscal rule exemption” to fund defence spending…
Sarah Pochin at Reform Scotland’s manifesto launch event: “I really wanted to come on in a Reform tartan burka, but apparently I wasn’t allowed… One day let’s do one of these events not live-streamed. We’ll do all the naughty stuff…”