ONS deputy director for public sector finances Jessica Barnaby said: “While the public finances are often in surplus in January, this year saw the biggest monthly surplus on record, with high January self-assessment receipts bolstering income.
The Government typically sees a budget surplus – which takes place when tax revenue received is larger than government spending – in January thanks to self-assessment tax payments.
Britain notched up a record Government borrowing surplus in January thanks largely to self-assessed tax returns, according to official figures.
The Office for National Statistics (ONS) said there was a public sector net borrowing surplus of £15.4 billion last month.
However, the ONS said spending on public services, benefits and debt interest all increased since January 2024.
