You can read 19 more articles this month
BRITAIN’S public debt at the end of last month was £40.5 billion higher than at the same time last year, according to Office of National Statistics (ONS) data released yesterday.
The debt at the end of January, excluding public-sector banks, stood at £1,782.1bn, equating to 82.6 per cent of GDP.
Debt, excluding the Bank of England alone, was £1,596.7bn, an increase of £26.9bn on January 2018.
Shadow chancellor John McDonnell said: “The fundamentals of the economy are not in good shape, with a manufacturing recession and tumbling business investment.
“The Tories told us they would eliminate the deficit in 2015 — and we are still waiting for that to happen.
“A Labour government would be transparent in its management of public finances and undo the damage that has been done to the economy under this government.”
Net borrowing, excluding public-sector banks, was in surplus last month by £14.9bn, £5.6bn more than in January 2018.
This is also the largest January budget surplus since records began in 1993.
Economists had expected a surplus of £10bn, but the ONS said that the higher than expected amount was driven by an increase in self-assessment income tax and capital gains tax receipts that are usually paid in January.
Self-assessed income tax and capital gains tax receipts combined were £21.4bn last month, £3.1bn more than in January last year.
You can’t buy a revolution, but you can help the only daily paper in Britain that’s fighting for one by joining the 501 club.
Just £5 a month gives you the opportunity to win one of 17 prizes, from £25 to the £501 jackpot.
By becoming a 501 Club member you are helping the Morning Star cover its printing, distribution and staff costs — help keep our paper thriving by joining!
You can’t buy a revolution, but you can help the only daily paper in Britain that’s fighting for one by become a member of the People’s Printing Press Society.
The Morning Star is a readers’ co-operative, which means you can become an owner of the paper too by buying shares in the society.
Shares are £1 each — though unlike capitalist firms, each shareholder has an equal say. Money from shares contributes directly to keep our paper thriving.
Some union branches have taken out shares of over £500 and individuals over £100.
You can’t buy a revolution, but you can help the only daily paper in Britain that’s fighting for one by donating to the Fighting Fund.
The Morning Star is unique, as a lone socialist voice in a sea of corporate media. We offer a platform for those who would otherwise never be listened to, coverage of stories that would otherwise be buried.
The rich don’t like us, and they don’t advertise with us, so we rely on you, our readers and friends. With a regular donation to our monthly Fighting Fund, we can continue to thumb our noses at the fat cats and tell truth to power.
Donate today and make a regular contribution.