Borrowing - the difference between total public sector spending and income - was £1.1 billion in July 2025; this was £2.3 billion less than in July 2024 and the lowest July borrowing for three years. Self-assessed (SA) Income Tax receipts in July 2025 were £15.5 billion, £2.7 billion more than in July 2024; however, because of the possibility of delayed July payments, we recommend considering July and August SA Income Tax receipts as a whole when making year-on-year comparisons. Borrowing in the financial year to July 2025 was £60.0 billion; this was £6.7 billion more than in the same four-month period of 2024 and ... (full story)