BRITAIN’S public borrowing has fallen to its lowest level since 2008, in yet another blow to predictions the economy would be hit by a vote to leave the European Union (EU).
The public finances were in surplus by around £1billion last month, after being in the red by around £7.8bn in June, official figures revealed today.
Public sector borrowing is now at £23.7bn for financial year-to-date, down £3bn down from the same period last year and the lowest since 2008,the Office for National Statistics (ONS) data showed.
Britain is usually in the black in July because it’s when a chunk of corporate tax receipts are received.
But experts said the figures were further proof the vote to leave the European Union had not impacted the economy.
The figures crown a week of positive news on Britain’s economy, including a jump in last month’s retail sales and falling unemployment.
PwC chief economist John Hawksworth said: “For the four months to July, the cumulative budget deficit in this financial year is running around £3 billion lower than in the same period last year, though the rate of deficit reduction has been slower than the OBR forecast back in March.
“Overall, as with other official data released this week for retail sales and the unemployment claimant count, there is no real sign yet of a downturn in economic fortunes following the Brexit vote.
“But it will be some months before we get a clearer picture of this as it will take time for companies to adjust their investment and hiring plans to the new post-referendum environment.”
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