Official data from Great Britain shows that January 2011 had the highest monthly surplus of borrowing in two years. The excellent financial figures were improved by expanding taxation revenues with a total net borrowing in the public sector at 3.735 billion pounds sterling for January, according th the Office of National Statistics (ONS.)
This was the first time since January 2009 that the public sector played the role of lender and not borrower, and it was the net highest amount since January of 2008.
January is a common month to see a surplus in the government’s kitty due to the receipt of annual tax payments in this month.
"Today's public finances release marks the first significant turnaround in the public finances this financial year," said economist Scott Corfe at the Centre for Economics and Business Research consultancy.
"Despite ongoing concerns about the fragility of the recovery, tax receipts have risen this month and this has led to a significant reduction in net borrowing."