UK public finances robust despite slowdown

Britain's public finances remain very healthy despite the slowdown in the domestic economy, official figures showed today.

Britain's public finances remain very healthy despite the slowdown in the domestic economy, official figures showed today.

National Statistics said the public sector net cash requirement posted a surplus of £5.9 billion sterling in October, buoyed by £9.7 billion of corporation tax receipts during the month.

The figures come just a week before the British government delivers its annual pre-budget report, which lays out its financial plans for the next year.

Corporation tax receipts in the financial year so far have jumped to £23.2 billion from £21.8 billion in the same period a year ago.

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Income tax receipts also remain robust, despite recent rises in unemployment and a slowing economy.

Income tax receipts totalled £7.6 billion in October, higher than the £7.2 billion collected in October a year ago.

Public-sector net debt as a percentage of gross domestic product at the end of October stood at 30.5 per cent, its lowest level since monthly data began in March 1993.