Record tax take

Figures from the ONS show a record month for income tax receipts helped the government achieve a surplus of £1.3bn last month. The ONS said income tax receipts grew by 5.3%, to £18.5bn, representing the biggest July tax take since records began in 1997. Income from VAT rose 3.3% to £10.5bn and corporation tax increased grew 5.2% to £6.9bn. It was the first time since 2012 that government receipts exceeded outgoings in July. Meanwhile, public sector net borrowing is still remorselessly rising despite "the cuts" Public sector net debt at the end of July stood at £1.5trn, 80.8% of GDP, an increase of £73.4bn compared with July 2014 report Harris & Co chartered accountants Northampton.