The Government has announced the biggest exchequer budget surplus ever. The figure at £2.4 billion is twice what the budget surplus was last year. Overall the Government took in £21.7 billion last year in areas such as income tax, VAT and excise duties. VAT was up by an unprecedented twenty and a half per cent, largely due to higher prices caused by inflation. Income and corporation tax revenue were up by 13 per cent, reflecting a rise in the number of people at work. This extra money will now be used to reduce the national debt.
