According to the Office of National Statistics (ONS), the UK government finances have shown a surplus of £8.8bn for January. This comes as the highest surplus for seven years.
According to BBC News, the surplus means that borrowing has fallen to £74bn for the financial year, which is a fall of £6bn compared to last years financial year.
The Public Sectors finance data shows a surplus due to including tax receipts from those who submit self-assessment forms, the expected rise in the number of people working for themselves should mean a bigger surplus this January.
According to the Telegraph, Mr Osborne said “In a week of economic milestones, today we learn that January saw the largest monthly surplus in the public finances since the crisis, putting us on track to meet our borrowing forecasts and halve the deficit as a share of gross domestic product (GDP) this year,”
The figures come in the same week that inflation has been reported to have fallen to a record low of 0.3% in January. Mr Osborne said, “Coming in a week where we have seen the employment rate reach record highs while the inflation rate has reached record lows, today’s good news is further proof that the government’s long term economic plan is working.”
Hopefully we see some more good news in the coming months!