BusinessCompany NewsBrown boosted by public finance figures

Brown boosted by public finance figures

January surplus brings support for Labour's spending plans.

Chancellor Gordon Brown has received the welcome news the public finances in January were in the rudest health for three years.

Link: Business leaders warn against tax increases

Figures from the Office of National Statistics showed a surplus of £6.6bn last month, driven by rising income tax and corporation tax revenues. The news is a blow to opposition parties that argued that the chancellor’s spending plans were off target and would break the ‘golden rule’

But shadow chancellor Oliver Letwin argued that a ‘spending spree’ from Brown was buying a short-term effect for the economy, and that voters ‘can expect further tax increases after the election’, according to The Daily Telegraph.

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