The UK government achieved a record budget surplus of £15.4 billion in January 2026, driven by higher-than-expected tax receipts following the autumn budget’s tax increases, official data from the Office for National Statistics shows.

The surplus, the largest for any January on record, was primarily fuelled by increased receipts from income tax, National Insurance contributions, and corporation tax. Self-assessment tax payments, which peak in January, contributed significantly.

“These figures show that the Chancellor’s fiscal strategy is delivering results,” said a Treasury spokesperson. “But we remain focused on the long-term challenge of restoring sustainable public finances.”

However, economists cautioned that one month’s data should not be over-interpreted, noting that the government’s overall borrowing for the financial year remains elevated by historical standards.

Opposition leaders criticized the figures as evidence that the government is “squeezing taxpayers dry” while failing to deliver improvements in public services.