£11bn January surplus
The UK's public finances recorded a surplus of £11.bn in January, new figures show.
The result was a welcome boost for Chancellor George Osborne after yesterday's disappointing receipts from the 4G mobile phone auction.
The surplus was significantly above the £8.7bn that analysts had predicted.
Public sector net borrowing, excluding financial interventions, for the financial year is now at £93.8bn - £1.5bn higher than at the same time last year.
Treasury Minister Sajid Javid said the figures show the Government's economic plan is "on track".
"Even if you take into account the money that was raised from the 4G spectrum sale - the announcement that was made yesterday based on the numbers that were published back on the autumn statement - it still shows that the deficit would be falling," he said.
"So I’m confident that the deficit would fall year on year as the Government has said, and the numbers that the OBR will publish will show that in my opinion."