Chancellor George Osborne has been given a boost ahead of next month's Budget after official figures showed the UK posted its largest budget surplus in four years.
According to figures released Tuesday by the Office for National Statistics (ONS), the public sector made a net repayment excluding financial interventions of £7.8bn in January, up from £5.2bn a year ago. This was the highest monthly surplus since January 2008 and takes government borrowing to £93.5bn in the tax year to date, down almost £16bn from £109.14bn in 2010/11. A reduction in local government borrowing helped drive the improvement in public finances. The figures suggest government borrowing is on track to meet or fall below its £127bn target for 2011/12 and will come as we...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes