UK public finances have been given a much-needed boost. The Office for Budget Responsibility initially forecast government borrowing to surpass £177bn this financial year. However, with only two months until the fiscal year ends, borrowing is currently running £30bn lower than expected. This comes as good news for Chancellor Jeremy Hunt, with the Spring Budget due in three weeks’ time. Higher than expected tax receipts have contributed to the improvement; self-assessed income tax receipts reached their highest January figure since records began, at £21.9bn.
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