The UK public sector reported a record surplus for January, while automotive fuel helped push retail sales higher for the latest three months, according to the Office for National Statistics on Friday.
The ONS’ initial estimates show that the public sector recorded a £30.37 billion surplus in January, ‘the highest surplus in any month since records began in 1993,’ multiplying from £13.36 billion in December and above the £23.1 billion surplus projected by FXStreet-cited consensus. December’s figure was revised up from £11.58 billion.
The ONS noted that ‘tax receipts are?always?higher than in other months’ in January, with current receipts rising by £16.2 billion or 13.8% on an annual basis to £133.3 billion last month.
Borrowing in the financial year ended January decreased 12% on-year to £112.1 billion or 3.7% of GDP.
Also on Friday, the ONS reported that retail sales volume is estimated to have risen by 0.1% in the three months to January compared with the prior quarter, ‘because of better automotive fuel sales...and a good start to the year for non-food stores’.
Retail sales increased 1.8% on-month in January, compared with a 0.4% rise in December and far outstripping the consensus forecast for a 0.2% rise.
On an annual basis, sales rose 4.5% in the year ended January compared with 1.9%, revised down from 2.5%, in the year to December. January’s figure also beat consensus, in this case for a 2.8% rise.
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