January’s surplus was larger than expected The UK’s public accounts were in surplus in January after a strong rise in income tax receipts, according to official figures.
The Office for National Statistics (ONS) reported the public sector net borrowing measure had a surplus in January of £3.735bn.
January is traditionally a month in which a surplus is recorded, as a range of income tax bills fall due.
However, a deficit of £1.266bn was recorded in January last year.
January’s surplus is the largest surplus since July 2008, according to the ONS.
The figures will help the government to meet its target for borrowing for the financial year to March 2011 of £148.5bn.
To help meet this it is raising some taxes, including VAT from 17.5% to 20% – which went up last month – and is cutting public spending.
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