Thanks to income tax receipts, especially from the self-employed, the government posted a surplus of £2 billion in July, double what it was at this point last year. This means that the overall budget deficit for this financial year stands at £12.8 billion, down 40 per cent on this time last year and the lowest since 2002. For the financial year ending March 2018 the deficit was £39.4 billion, down £6.4 billion on the previous year and almost £6 billion below estimates from the Office for Budget Responsibility.
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