Tax receipts filled the public coffers to bursting last month, resulting in a record surplus, new figures show.

The Office for National Statistics said that public sector net borrowing, the government's preferred measure of the public finances, stood at -£14.1 billion in January, a record surplus for any month since records began in 1993.

This figure compares to an £11.8 billion surplus in January 2007, and easily outperforms analysts’ forecasts for a surplus of £10.0 billion last month.

This improvement was largely due to a surge in income and corporation tax payments. These were up 15 per cent and 22 per cent respectively on last year, despite the computer glitches which affected HMRC online self-assessment filing system at the end of last month. The statistics office said that self-assessment tax intake was up roughly a quarter on the same month last year.

The surplus has raised hopes that the Government will meet its fiscal targets for the year, but economists have warned that the public finances are set to deteriorate in the coming months

George Buckley, UK economist at Deutsche Bank, said: "This is a welcome improvement for the Chancellor, but it is important to bear in mind that tax remittances received now are based on economic conditions back in 2006-07, when the economy was strong. The slowdown we are currently witnessing is likely to place further stress on the public finances going forward at a time when previous economic strength should have already led to a lower deficit."

Alan Clarke, UK Economist at BNP Paribas, said: "The tragedy is that public finances have not done even better. Rather the opposite, public borrowing has swelled when the economy has been doing well. With the economy about to fall off a cliff, and limited scope for even wider budget deficits, the Government is powerless to come to the rescue of the economy when it most needs help. "

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