This puts finance minister Rishi Sunak in a fairly comfortable spot as he prepares new economic forecasts.
Borrowing in February alone came in much higher than expected at £13.1 billion - more than £5 billion above economists' average forecast in a Reuters poll. Sunak is due to publish updated growth and borrowing forecasts in a half-yearly fiscal statement tomorrow and was keen to emphasise what he sees as relatively limited scope to cushion the impact of a surging cost of living.
Borrowing for 2021/22 is on course to come in below the £183 billion or 7.9% of gross domestic product forecast by the UK government's Office for Budget Responsibility in October, largely thanks to stronger-than-expected tax revenue.Sunak will have more cash than he expected a few months ago to soften the impact of a surge in energy costs and other prices that looks set to lead to the biggest squeeze on household incomes in at least 30 years.
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