Bumper tax receipts push July public finances in the UK to £1.3bn surplus

UK Chancellor George Osborne hailed a bumper month for tax receipts as the UK’s public sector finances posted a July surplus for the first time since 2012.

The surplus – excluding the effect of bank bailouts – stood at £1.3bn last month, lower than expected but still a reversal compared to borrowing of £100m for the same period in 2014.