LONDON, Feb 21 - British posted a smaller-than-expected budget surplus in January, a reminder of the constraints facing new finance minister Rishi Sunak as he prepares to deliver his first budget next month.
The surplus excluding public sector-owned banks stood at 9.813 billion pounds last month, down 18% from January 2019, the Office for National Statistics said.January is typically a surplus month for Britain’s public coffers because of seasonal flows of income tax. The improvement in revenue was cancelled out by a hefty 5.7% annual increase in current spending — reflecting an increase on spending on health announced by former prime minister Theresa May.
The government accounts were boosted by a 843 million-pound fine to be paid by Airbus for a deferred prosecution agreement with various countries.
He is called the Chancellor of the Exchequer and is addressed as Chancellor.