UK public finances show £7.75bn surplus
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The UK’s public finances are at their highest monthly surplus in four years, the latest official figures show.
According to the Office for National Statistics (ONS), the public sector made a net repayment, excluding the temporary effects of intervening in financial institutions, of £7.8 billion during January.
This is an increase on the surplus of £5.2 billion recorded one year before and was attributed to a rise in tax receipts combined with a fall in local government spending.
A surplus is often recorded in January due to the jump in tax receipts caused by factors such as the self-assessment deadline.
In the tax year to date, the government has borrowed £93.5 billion, down from the £109.1 billion at the same point in the year 2010/11.
The total public sector net debt, excluding financial sector interventions, dropped to £988.7 billion in January – the equivalent of 63% of GDP. It had passed the £1 trillion mark in December.
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