UK Posts £16.7bn Budget Surplus in January, But Debate Continues Over Scope for Tax Cuts

• Government finances in January show £16.7bn surplus, more than double last year's surplus • Surplus higher than economists predicted, but lower than could enable big tax cut promises • Tax revenue higher and spending lower, partly due to end of energy bill subsidies • Still debate whether surplus leaves room for tax cuts in upcoming Budget • UK debt remains high at 96.5% of GDP, government pledged to reduce debt burden in 5 years