4G sale helps borrowing fall by £9bn
The UK's battered public finances received a welcome boost last month as proceeds from the 4G mobile auction helped Government borrowing fall by £9bn.
The Office for National Statistics (ONS) said public sector net borrowing, excluding financial interventions, fell to £2.8bn last month from £11.8bn a year ago.
Higher tax receipts helped borrowing fall, but the biggest impact came after the Government received a £2.3bn haul from the 4G airwaves auction.
The borrowing figure provides a chink of light after Chancellor George Osborne's Budget revealed that the Government would have to borrow nearly £60bn more than originally forecast by 2017-18.