ICAEW.com works better with JavaScript enabled.

ICAEW: January self-assessment receipts provide modest boost to a chancellor looking for pre-election tax cuts

Author: ICAEW

Published: 21 Feb 2024

Alison Ring OBE FCA, ICAEW Director of Public Sector and Taxation, commented on the public sector finance release for January 2024 published by the Office for National Statistics today (Wednesday 21 February 2024):

"These numbers show a cumulative deficit of £97bn, £3bn less than for the same period last year. Lower self-assessment tax receipts than expected in January were offset by revisions to numbers from previous months to improve the overall financial picture.

“This small improvement helps only a little with an extremely weak fiscal position facing the Chancellor as he approaches the Budget, with questions already being asked about whether existing plans to cut public spending in the near term are realistically achievable. Rumours that the Chancellor is thinking about further reductions in public spending to fund tax cuts will therefore need to be balanced with his ability to maintain credibility with debt markets.”


Notes to editors:

CONTACT: ICAEW media office stephen.froome@icaew.com or 07970 402 073