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January surplus boost for Government.
22/02/2012
The four-year high net surplus achieved by the Government last month has increased hopes that ministers will meet this year's borrowing forecasts as laid down by the Office for Budget Responsibility (OBR).
Excluding interventions such as bank bailouts, the Office for National Statistics said that the Government achieved a net surplus of £7.8 billion in January. This is about £2.5 billion up on the previous year and is the biggest total since January 2008.
Officials at the OBR have set a target for the current financial year, which requires the Government to reduce its borrowing to £127 billion.
The underlying net debt of the Government has fallen below the £1 trillion mark as a result of the January surplus. The total now stands at £988.7 billion, although experts have warned that it is expected to rise again in the next few months.
Copyright Press Association 2012
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