An £11.6bn VAT windfall in August helped drive government borrowing down to its lowest August level since 2007, according to data released today.
This morning’s figures from the Office for National Statistics (ONS) show that the deficit narrowed to £5.7bn last month, compared with £7bn a year earlier. That was due to a 5.6% rise in VAT receipts to hit a record August total of £11.6bn, ONS said.
Commenting on the public finance data, John Hawksworth, PwC chief economist, said:
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