The Treasury has been given a boost after official figures showed the Government recorded its largest January budget surplus, as they enjoyed a bumper haul of tax receipts. Figures from the Office for National Statistics show that public finances were in surplus by £14.9 billion last month, the largest January total since records began in 1993.

It’s £5.6 billion higher than in January last year and was driven strongly by an increase in self-assessment income tax and capital gains tax receipts. Combined, they came in at £21.4 billion last month, which is £3.1 billion more than the same month last year. Self-assessment income tax receipts in January were £14.7 billion, an increase of £1.9 billion, and capital gains tax receipts came in at £6.8 billion, up by £1.2 billion.

This means the Government has a chance of meeting its £25.5 billion borrowing target for the year, despite an economy faltering amid acute Brexit worries.