Government borrowing lower than expected in July

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UK government borrowing was lower than expected in July, according to the latest official figures.

Borrowing - the difference between public spending and tax income - was £1.1bn in July, down £2.3bn from the same month last year, the Office for National Statistics (ONS) said.

The ONS said this was the lowest July figure for three years, and reflected strong increases in tax and National Insurance receipts.

Borrowing over the first four months of the financial year has now reached £60bn, the ONS said, which is up £6.7bn from the same period last year.