The budget deficit has been brought down to just over 1% of gross domestic product, a manageable level, and buoyant tax revenues can be credited with the improvement, as David Smith reports.
When the initial figures were released for the public finances for the 2018/19 fiscal year in late April there was a bit of a celebration but also something of a shrug. The news that public borrowing dropped by more than £17bn in the year or by 40% compared with the previous year and has dropped below £25bn for the first time since the early 2000s – 17 years ago – did not grab the headlines as much as it should have done.
There was a reason for this. It is in the nature of these things that people only worry when they are bad. News editors do not choose what to...
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The budget deficit has been brought down to just over 1% of gross domestic product, a manageable level, and buoyant tax revenues can be credited with the improvement, as David Smith reports.
When the initial figures were released for the public finances for the 2018/19 fiscal year in late April there was a bit of a celebration but also something of a shrug. The news that public borrowing dropped by more than £17bn in the year or by 40% compared with the previous year and has dropped below £25bn for the first time since the early 2000s – 17 years ago – did not grab the headlines as much as it should have done.
There was a reason for this. It is in the nature of these things that people only worry when they are bad. News editors do not choose what to...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
