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| UK public finances show January surplus | UK public finances show January surplus |
| (35 minutes later) | |
| The UK's public finances recorded a surplus of £11.4bn in January, £5bn higher than in the same month last year, according to figures from the Office for National Statistics (ONS). | The UK's public finances recorded a surplus of £11.4bn in January, £5bn higher than in the same month last year, according to figures from the Office for National Statistics (ONS). |
| January often records a surplus thanks to an influx of money from tax self-assessment and corporation tax. | January often records a surplus thanks to an influx of money from tax self-assessment and corporation tax. |
| Public sector net borrowing, excluding financial interventions, for the financial year to date is now £93.8bn. | Public sector net borrowing, excluding financial interventions, for the financial year to date is now £93.8bn. |
| This is £1.5bn higher than at the same point a year earlier. | This is £1.5bn higher than at the same point a year earlier. |
| January's borrowing figures were better than many economists had expected and included a £3.8bn injection from the Bank of England's asset purchase facility fund. | |
| Public sector net debt - the total amount the country owes - stood at £1.16 trillion in January, up from £1.07tn in the same month last year. | |
| This means that as a percentage of gross domestic product, public sector net debt has risen from 69.9% to 73.8%, a rise of almost four percentage points. | |
| James Knightly, an analyst at ING, warned that although January's figures looked promising, the "the underlying story isn't quite as good. The UK's AAA rating remains under threat and with economic activity remaining subdued and tax revenues disappointing, Chancellor Osborne has little wiggle room when he presents his annual budget next month." | |
| Some analysts believe the chancellor will overshoot the Office for Budget Responsibility's borrowing forecast for the financial year. |