UK government finances show £8.8bn surplus in January

13:45 • 20.02.15
Economy

UK government finances showed a surplus of £8.8bn in January, the BBC reports referring to the Office for National Statistics (ONS).

The surplus from tax receipts this year is almost double the £4.7bn reported by the ONS in January last year.

The surplus means borrowing has fallen to £74bn in the financial year to date, a fall of £6bn compared with last year.

January's public sector finance data traditionally shows a surplus, as it includes tax receipts from those who submit self-assessment forms.

The government's borrowing target for the 2015 financial year is £91.3bn.

Treasury officials have previously forecast tax receipts would be "back -loaded" into the end of the financial year, because of a rise in the number of people working for themselves.

They said that as a result, the government would meet its borrowing target this year, despite having appeared to be on course to overshoot it during most of 2014.

The Office for Budget Responsibility (OBR) estimates that public sector finances will show a surplus of about £4.3bn in each of the last three months of this financial year, which ends in April.

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