The Government borrowed more than expected in February in a blow to the Chancellor as he tries to keep the public finances in order.

Public sector borrowing, excluding banks, hit £8.4bn last month, according to the Office for National Statistics, which was more than analyst predictions of £6bn.

However, it was still £3.4bn less than in February last year as more than a million self-employed workers were late to file their tax returns.

The Treasury has borrowed £106.8bn so far this financial year, which was £4.6 billion less than in the same eleven-month period a year ago, and the lowest for four years in nominal terms.

It comes as income tax, corporation tax and VAT receipts all increased as a result of threshold freezes, a higher rate and inflation respectively.

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