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| UK public finances show biggest surplus in four years | UK public finances show biggest surplus in four years |
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| Britain's public finances posted their biggest monthly surplus in four years last month after a drop in local government borrowing and a rise in tax receipts hauled the country's debt back below the psychologically significant £1 trillion mark. | Britain's public finances posted their biggest monthly surplus in four years last month after a drop in local government borrowing and a rise in tax receipts hauled the country's debt back below the psychologically significant £1 trillion mark. |
| The Office for National Statistics said on Tuesday that the public sector made a net repayment excluding financial interventions of £7.75bn in January, up from £5.2bn a year ago, in news that will come as a relief to chancellor George Osborne following a warning by ratings agency Moody's last week that Britain could lose its prized triple-A credit rating. | The Office for National Statistics said on Tuesday that the public sector made a net repayment excluding financial interventions of £7.75bn in January, up from £5.2bn a year ago, in news that will come as a relief to chancellor George Osborne following a warning by ratings agency Moody's last week that Britain could lose its prized triple-A credit rating. |
| The surplus was the highest since January 2008 and above the average forecast in a poll conducted by Reuters, which predicted a net repayment of £6.3bn. January is usually a strong month for income and corporation tax receipts. | The surplus was the highest since January 2008 and above the average forecast in a poll conducted by Reuters, which predicted a net repayment of £6.3bn. January is usually a strong month for income and corporation tax receipts. |
| Borrowing in the fiscal year to date to came in at £93.45bn, down from £109.14bn in 2010/11. Britain's total public sector net debt, excluding financial sector interventions, fell back to £988.7bn having surpassed £1 trillion in December. | Borrowing in the fiscal year to date to came in at £93.45bn, down from £109.14bn in 2010/11. Britain's total public sector net debt, excluding financial sector interventions, fell back to £988.7bn having surpassed £1 trillion in December. |
| The figures come just a month before the budget and suggest that government borrowing is on track to meet or beat its target of £127bn in 2011/12, down from £136bn the previous year. | The figures come just a month before the budget and suggest that government borrowing is on track to meet or beat its target of £127bn in 2011/12, down from £136bn the previous year. |
| However, economists remain sceptical that Osborne will have much room for manoeuvre in next month's budget, while sluggish growth for the rest of this year is likely to make reducing borrowing tricky in the near future. | However, economists remain sceptical that Osborne will have much room for manoeuvre in next month's budget, while sluggish growth for the rest of this year is likely to make reducing borrowing tricky in the near future. |
| Official data on Friday is expected to confirm the economy shrank by 0.2% in the final three months of 2011. There have been signs of growth this year, but output could be affected again later in the year because of the public holiday for the Queen's diamond jubilee celebrations. | |
| Tuesday's data showed that government receipts rose 2.8% on the year, roughly in line with growth in total government expenditure. However, local government borrowing fell in January compared with a year ago. | Tuesday's data showed that government receipts rose 2.8% on the year, roughly in line with growth in total government expenditure. However, local government borrowing fell in January compared with a year ago. |