UK reports record-breaking budget surplus of £30.4bn in surprise boost for Rachel Reeves

Largest January total since records began in 1993 is sharp reversal from December’s £11.6bn deficitBusiness live – latest updatesThe UK government has posted the biggest ever budget surplus, official figures show, after a large boost in self-assessment and capital gains tax receipts.In a boost for the chancellor, Rachel Reeves, in the run-up to her spring statement next month, public sector finances recorded a surplus of £30.4bn at the start of the year, according to the Office for National Statistics (ONS). This was £15.9bn higher than the surplus recorded in January 2025. Continue reading…