By Daniel Hunter

UK government borrowing has fallen thanks to a rise in income tax and VAT receipts, according to official figures.

The number fell to £10.13bn in May according to the Office for National Statistics (ONS) said, which is down from £12.35bn a year earlier, and May's lowest borrowing figure for eight years.

Public sector net debt (excluding public sector banks) stands at £1.5 trillion, 80.8% of which is gross domestic product (GDP).

"While the deficit in the financial year ending 2015 has fallen by more than a third since its peak in the financial year ending 2010, public sector net debt has maintained a gradual upward trend," said the ONS in its statement.

Income tax receipts were at their highest level for May in four years, rising £0.5bn (5.3%) from a year earlier to £10.8bn. VAT receipts rose by £0.6bn (5.6%) to £10.7bn.

The ONS now estimates total public sector borrowing in the financial year to March 2015 was £89.2bn, 4.9% of GDP.This figure was slightly higher than the previous estimate, but still £9.3bn lower than the previous year's total.