Tax receipts tick up as chancellor pledges to 'boost business investment'

Central government receipts of £76.9bn

Chancellor Jeremy Hunt has said he will “focus on how we boost business investment” in the Autumn Statement, as the government’s coffers grew slightly in October, beating Office for Budget Responsibility forecasts.

Central government's receipts were £76.9bn last month, according to the Office for National Statistics, £2.5bn more than in October 2022 and £1.5bn more than the £75.4bn forecast by the OBR in March 2023.   Of this £76.9bn, tax receipts were £57.9bn, £2.7bn more than in October 2022, with VAT receipts increasing by £1.2bn and income tax receipts increasing by £1.1bn. Bank of England's Andrew Bailey: 'It is far too early to be thinking about rate cuts' Commenting on the figures, Hunt said: "We met our pledge to halve inflation, but we must keep on supporting the Bank of England to d...