UK government finances better than expected in January

The government's finances had a record monthly surplus in January as it took in more tax receipts than it spent.

The surplus - the difference between public spending and the tax take - was £30.4bn in January, according to the ONS.

The Office for National Statistics (ONS) said it was the highest surplus in any month since records began in 1993, and more-than-double last January's £15.4bn monthly surplus.

Analysts had expected the surplus to be £23.8bn. The government usually collects more tax than it spends in January compared with other months due to the collection of self-assessed taxes.

Separately, the ONS said retail sales volumes for January bounced back 1.8% from December.