Mubasher: The UK government net borrowing has fallen to the lowest level since the financial year that started in April 2007, the Office for National Statistics (ONS) said. 

By the end of the first month of this year, public sector borrowing, excluding banks stood at GBP 7.2 billion in the period from April to the end of January, compared to GBP 37.7 billion in the previous fiscal year.

January,  which is generally a month of bumper tax receipts because of the self-assessment deadline, saw GBP 10 billion in net borrowing surplus, with GBP 1.6 billion lower than the same month the previous year, according to Financial Times

By 10:00 am GMT, the pound sterling inched down 0.2% against the US dollar to $1.3963.