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UK government borrowing surges to £22.8bn for the year

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Public sector net borrowing, excluding public sector banks, increased by £1.9bn between April and July, compared to the same period in 2016. (stock photo)

Public sector net borrowing, excluding public sector banks, increased by £1.9bn between April and July, compared to the same period in 2016. (stock photo)

Alex Dodd

Public sector net borrowing, excluding public sector banks, increased by £1.9bn between April and July, compared to the same period in 2016. (stock photo)

Government borrowing for the current financial year has risen to £22.8 billion, despite a small surplus in July following a rise in tax receipts.

The Office for National Statistics (ONS) said public sector net borrowing, excluding public sector banks, increased by £1.9bn between April and July, compared to the same period in 2016.

That is despite an increase in tax receipts in July, which helped deliver a small surplus of £200m last month.

The UK's finances tend to enjoy a strong July as self-employed people pay their income tax and businesses settle their corporation tax bills.

Receipts from self-assessed income tax increased by £0.8bn to £8bn year on year in July, the the highest level on record.

The ONS said last month's surplus was the first since July 2002.

Belfast Telegraph