Chancellor Philip Hammond

Picture copyright

Public sector borrowing fell to £eight.7bn in November, down £zero.2bn from 12 months earlier, partly because of increased earnings tax receipts, official figures present.

The determine leaves borrowing for the monetary 12 months up to now at £48.1bn.

That’s the lowest recorded right now of the 12 months since 2007, earlier than the monetary disaster.

Final month, the federal government’s unbiased finances watchdog mentioned it anticipated borrowing would complete £49.9bn for the monetary 12 months to March 2018.

January sometimes brings an enormous surplus within the public funds because of annual earnings tax funds.

Final month, revenues from earnings and capital features tax have been up 6.2% from a 12 months in the past, and at the moment are three.four% increased for the 12 months up to now. Company tax revenues are unchanged.