There have been celebrations this morning about a government surplus of £5.4 billion last month, and people are even talking about a ‘windfall’ for Chancellor Jeremy Hunt in next month’s Budget. But all this shows is how conditioned we have become to appalling economic news – and that we will grab at anything which seems to indicate a shaft of light.
Nevertheless, any talk of a government ‘surplus’ masks the very real problem the government still has
While any surplus is to be welcomed – and last month’s borrowing figures are far better than the Office for Budget Responsibility predicted – we would be in serious trouble if the government had not succeeded in running a surplus last month. It is not the same as any other month: it is one of two months in the year – the other being July – when self-assessment tax is due.
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