By Daniel Hunter

Proceeds from the 4G mobile licence auctions have boosted the UK's public finances in February.

The Office for National Statistics (ONS) said public sector net borrowing, excluding interventions such as bank bailouts, fell to £2.8bn last month from £11.8bn a year earlier.

It comes a day after Chancellor George Osborne's fourth Budget. Public sector net debt is now about 73.5% of GDP.

By arrangement, interest that the Bank of England earns on holding government debt is transferred back to the Treasury. Public borrowing was reduced by £2.7bn of cash transfers as a result of that and by £2.3bn from the 4G spectrum auction.

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