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The Office for National Statistics (ONS) said that government borrowing was in surplus by £1.3 billion in July. Official figures have also shown that the UK government spent less last month than it received in taxes and other forms of income.

The figures show that this was the first July surplus since 2012 and this is due to higher amounts of income tax receipts. The ONS stated that the month of July is usually a month of higher tax receipts.

In July 2015, the government received £59.1 billion in income and this is about 4% higher than last year’s figure.

Public sector net debt excluding public sector banks is now at £1.5 trillion. This is 80.8% of gross domestic product (GDP), said the ONS. In addition to this, annual borrowing has continued to fall since hitting a peak in the financial year ending March 2010. This data is according to the ONS.