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UK tax receipts may hint at faster than expected recovery: OBR

·1-min read
FILE PHOTO: Pound Sterling notes and change are seen inside a cash resgister in a coffee shop in Manchester
FILE PHOTO: Pound Sterling notes and change are seen inside a cash resgister in a coffee shop in Manchester

LONDON (Reuters) - The unexpected strength of tax receipts in Britain may reflect a faster-than-forecast economic recovery from the coronavirus lockdown, the Office for Budget Responsibility fiscal watchdog said on Thursday.

Earlier official data showed Britain's budget deficit for the first five months of the financial year at 174 billion pounds was running around 50 billion pounds lower than the OBR had assumed - in part due to strength in tax receipts.

"(This) appears to be broadly consistent with the faster-than-assumed recovery in real GDP through the summer," the OBR said in a statement.

(Reporting by Andy Bruce; Editing by Alistair Smout)