Home » Currency Note » Currency Note » Currency Note GBP » GBP: UK public finances post biggest surplus since records began

The latest public sector net borrowing figures showed that the budget surplus widened to a record £15.76 billion last month. The surplus is largely down to a sharp increase of income and capital gains tax receipts, which were up by 14%. The reading was much better than the £11.05 billion the markets had been expecting and is the largest surplus since records began in 1993.

While Hammond will no doubt welcome the news, coming as it does a couple of weeks from his spring statement, a thinktank has found that Tory austerity policies have left each household £300 a month worse off since 2010. Still, the positives to take from the borrowing figures are that Brexit has not yet had an impact on public finances. It will be interesting to see what the reading is a year from now and whether we can learn anything from that.

The only release of note from the UK to close the week out is the Confederation of British Industry’s distributive trades reading for February. Last month, the figure was a big round zero, with some economists predicting a sharp drop. We could well see further resignations from Labour and the Conservative party, but let’s cross our fingers that after two years of negotiations, Theresa May manages to come up with a proposal that stands a realistic chance of being passed by Parliament.

Find out how we can help you

Let us know a little more about your upcoming currency exchange needs. We aim to take the uncertainty away by providing guidance on which services suit your individual requirements. You can then rest, assured your money is not at the mercy of the currency markets.

Protect against risk

Avoid losing money and protect against currencies moving against you.

Dedicated trader

Dedicated currency trader working with you to get the best value for your money.

Secure and efficient transfers

Secure, quick and efficient transfers. Authorised by the FCA.

  • We handle your data with care and only ever as outlined in our Privacy Policy.

Keep up to date

Get regular, jargon-free currency market updates delivered directly to your inbox.

  • We handle your data with care and only ever as outlined in our Privacy Policy.

Refer a friend or business

Recommend our services to your friends, family or colleagues and earn great rewards.