The UK budget balance turned to surplus in July, the Office for National Statistics reported Tuesday.
Public sector net borrowing, excluding public sector banks, was in surplus by GBP 2.0 billion in July, a GBP 1.0 billion greater surplus than in July 2017. This was the largest July surplus for 18 years.
Public sector net debt totaled GBP 1.77 trillion at the end of July, equivalent to 84.3 percent of gross domestic product.
In the current financial year-to-date period, the budget deficit totaled GBP 12.8 billion, which was GBP 8.5 billion less than in the same period in 2017. This was the lowest year-to-date net borrowing for 16 years.