The UK authorities recorded a shock surplus in its funds in January regardless of “substantial spending” to assist households with vitality payments and one-off funds to the EU.

The federal government spent lower than it obtained in tax within the month, leading to a surplus of £5.4bn.

Economists had forecast borrowing of £7.9bn, however file self-assessed revenue tax receipts led to the excess.

The Workplace for Nationwide Statistics reported self-assessment revenue tax receipts of 21.9 billion kilos, the very best January determine since month-to-month data started and 5.5 billion kilos greater than final yr.

The figures, which aren’t adjusted for inflation, confirmed the tax receipts had been offset by 6.7 billion kilos of curiosity payable on index-linked authorities bonds, the very best January complete on file.

“Getting debt down would require some powerful selections, however it’s essential to cut back the quantity spent on debt curiosity so we are able to shield our public providers,” finance minister Jeremy Hunt mentioned in response to the info.