UK government finances show £4.7bn surplus in January

UK government finance figures for January show a surplus of £4.7bn, the Office for National Statistics (ONS) has said.

This is less than the £6bn surplus recorded a year ago, and less than analysts had forecast.

For the financial year-to-date, borrowing was £90.7bn, £4bn lower than at the same point a year earlier.

The total pile of government debt now stands at £1.24tn, equivalent to 74.6% of the UK's total economic output.

The figures are initial estimates from the ONS and are subject to revision. They exclude the effect of bank bailouts.

January is a month in which the government receives a lot of money in tax, so a surplus is often recorded. In most other months, the government has to borrow money to cover its expenses.

The figure of £90.7bn is the total amount borrowed for each month of this financial year. The figure excludes the transfer of assets to the Treasury from both the Royal Mail pension plan and the Bank of England Asset Purchase Facility Fund.