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The bottomless pit of public sector debt
The public sector debt figures released today were expected to be dire, and they have lived down to expectations. January is usually a good time for government receipts because many companies pay their tax bills; last year total current receipts for January were £60.5bn, but this year’s figure is down to £53.8bn.Total receipts for the year to date (April to January) at £411.7bn are £10.1bn lower than for the same period last year, and the table above, taken from the ONS release, shows the fall in receipts from various different tax sources – corporation tax, income tax, national insurance, VAT, stamp duty and capital gains tax revenues have all fallen.
