Sterling recovers lost ground as UK public finances show surplus
The pound has recovered some ground as the ONS posts fresh public finances data.
The sterling has managed to make headway in forex trading this morning (February 21st), as official figures revealed UK public finances show a January surplus.
According to the Office for National Statistics (ONS), the country's public finances recorded a surplus of £11.4 billion last month, which is £5 billion higher than in the same month last year.
January often records a surplus thanks to the money coming in from tax self-assessment and corporation tax.
UK public sector net borrowing – excluding financial interventions – was £15.4 billion in the final month of last year, which is up from £14.8 billion in December 2011.
Public sector net borrowing – excluding financial interventions – for the financial year to date is now £93.8 billion.
January's figure was better than the markets had anticipated and included a £3.8 billion cash influx from the Bank of England's asset purchase facility fund.
At 10:10 GMT, the pound made gains of 0.6 per cent in trading with the euro to £1 buying €1.153, while it was flat against the dollar at $1.521.
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