Chancellor Hammond gets pre-Budget boost in £9.4bn surplus
The Government recorded its highest January surplus for 17 years, giving Chancellor Philip Hammond a boost ahead of the spring Budget.
The Office for National Statistics said public sector net borrowing excluding State-owned banks saw its surplus grow by £300m to £9.4bn last month, compared to January 2016. However, it fell short of economists' expectations, who had pencilled in a figure of £14bn.
The UK's public finances record a surplus in January as the Government rakes in tax receipts from self-assessment, capital gains tax and corporation tax. Government borrowing excluding banks for the financial year to date fell £13.6bn to £49.3bn