Chancellor Jeremy Hunt stresses the need to avoid reckless spending as the deficit remains high after the shocks of the coronavirus pandemic and last year's energy price surge fuelled by the Ukraine war.
Tax hikes and additional VAT netted from soaring prices have helped bolster Treasury coffers and lower UK borrowing.
The budget deficit in June stood at £18.5bn, down from £20bn a month earlier, the Office for National Statistics said.The June deficit took borrowing in the first three months of the financial year to £54.4bn, £12.2bn more than in the same period last year but £7.5bn less than expected by budget forecasters.
The ONS also revised down its April-May borrowing estimate by £7bn with stronger than predicted tax revenues following increases announced by the government in November last year.driving prices has also played a role, with VAT receipts up 9% this financial year compared with a year ago, despite no increase in the underlying rate.pandemic and last year's energy price surge fuelled by the
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