UK on track to curb borrowing after January surplus

The government received more income than it spent in January, posting the highest surplus for four years following a drive to cut public spending.

According to the Office for National Statistics (ONS), UK public sector net borrowing saw a monthly surplus of £7.75bn in January, the largest surplus since 2008. The figures were driven by a drop in local government borrowing and a small rise in tax receipts, the ONS said. The surplus was bigger than the £6.3bn expected by forecasts, and means net debt excluding financial interventions has fallen to £93.5bn in the financial year to date, down from £109.14bn last year. It means the government has a chance of sticking to its target to cap borrowing at £127bn this year, compared to £...