The UK recorded a £30.4bn budget surplus in January 2026.

• It is the highest monthly surplus since records began in 1993 (not inflation-adjusted).

• January 2025 surplus was £15.4bn.

• Economists had forecast a £23.8bn surplus.

• Total tax receipts in January were £133.3bn (13.8% higher year-on-year).

• Capital gains tax revenue reached nearly £17bn (up 69% year-on-year).

• Employers’ National Insurance contributions rose by £2.9bn.

• Income tax receipts increased by £3.6bn.

• Income tax threshold freezes contributed to higher income tax receipts.

• Borrowing from April to January totalled £112.1bn (11.5% lower year-on-year).

• This remains the fifth-highest borrowing level on record for that period.

• UK economic growth was 1.3% in 2025.

• Growth is forecast to be around 1% this year.

• Unemployment has reached a five-year high.

• The Spring Statement will take place on 3 March.

• Updated forecasts will be provided by the Office for Budget Responsibility.

• Government fiscal rules require:

  • Day-to-day spending to be funded by tax receipts.

  • Borrowing to be used only for investment.