The budget surplus in the UK widened to a record GBP 15.76 billion in January 2019 from GBP 10.17 billion in the same month a year earlier and compared to market expectations of GBP 11.05 billion. Excluding state-controlled banks, the surplus increased to GBP 14.90 billion, also the largest since monthly records began in 1993, as income and capital gains tax receipts were up 14 percent. Considering the first 10 months of the financial year, the budget deficit narrowed 47 percent to GBP 21.2 billion, the smallest gap since the 10 months to January 2001. Debt rose to GBP 1.78 trillion at the end of January, equivalent to 82.6 percent of GDP, compared to GBP 1.74 trillion January 2018. Government Debt in the United Kingdom averaged -4004.68 GBP Million from 1993 until 2019, reaching an all time high of 15759 GBP Million in January of 2019 and a record low of -19956 GBP Million in April of 2012.
Government Debt in the United Kingdom is expected to be -1240.00 GBP Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Government Debt in the United Kingdom to stand at -2840.00 in 12 months time. In the long-term, the United Kingdom Public Sector Net Borrowing is projected to trend around -2440.00 GBP Million in 2020, according to our econometric models.