Britain's public finances swung sharply into the black last month, official data showed today.
The Office for National Statistics said the public sector posted a net cash repayment of £13.062 billion last month.
This was above forecasts for a repayment of £11 billion and the biggest repayment for a month of July since records began in 1984/85.
The government's preferred accruals-based measure showed a surplus of £6.451 billion. This also edged past forecasts and was a record surplus for a month of July. July is traditionally a surplus month in the public finances calendar due to a large number of corporate tax receipts.
The government had pledged to keep a tight lid on spending and has a borrowing target of £34 billion for the full financial year. Figures for the year to date indicate this target is realistic.
