LONDON--U.K. government borrowing in the first four months of the fiscal year was the lowest in 16 years, helped by the largest surplus for the month of July since 2000. The U.K. recorded a surplus of 2 billion pounds ($2.55 billion) in July, the Office for National Statistics said Tuesday. A surplus isn't unusual in July as it coincides with an influx of income-tax receipts, but last month's was the largest July surplus for 18 years, the ONS said. Government coffers also got a boost from higher payroll and corporate taxes than a year earlier, reflecting steady if unspectacular growth in the economy. Borrowing is forecast to fall again over the full fiscal year thanks to higher tax revenue and a continued squeeze on outlays.

Source: Wall Street Journal August 21, 2018 08:48 UTC