Britain posts biggest budget surplus for seven years

The news will be welcomed by Chancellor George Osborne and provides the Coalition with an economic boost before the general election.

The Office for National Statistics showed that income tax related payments rose by 6.1 per cent year-on-year in January itself, and were now up 3.2 per cent year-on-year through the first 10 months of the fiscal year 2014/15.

The improvement puts Osborne on track to at least meet the fiscal targets for 2014/15 that were contained in last December’s Autumn Statement.

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