Tax receipts make up the vast majority of government income, while spending on welfare and services make up most of its outgoings. Income tax, national insurance and value added tax (VAT) are the biggest sources of income. UK budget deficit narrows as shoppers boost VAT receipts Read moreThe Office for National Statistics said the public spending deficit stood at £5.9bn in September, lower than a forecast of £6.5bn in a Reuters poll of economists. ONS figures show a rise in VAT income was also largely behind improvements in August and July. Tombs said the deficit is on course to be £10bn lower by next March than the latest forecast by the Office for Budget Responsibility.

Source: The Guardian October 20, 2017 12:33 UTC