By Jonathan Davies

Government borrowing fell by a third in February, according to the Office for National Statistics (ONS).

Public sector borrowing was £6.9bn, compared with £11.6bn in February 2014. The ONS said that, as in January, the government was boosted by an increase in income tax revenue.

Tax receipts were up £1.8bn to £4.2bn compared with last year.

Borrowing for the year so far, from April 2014 to February 2015 was £81.8bn, falling by £8.8bn in the same period in 2013/14. It suggests that the UK government is on course to meet George Osborne's target of £90.2bn borrowing for the full financial year.

In Wednesday's Budget, the Chancellor revealed the government's borrowing targets for the next Parliament.

The Office for Budget Responsibility (OBR) has forecast borrowing to fall from £97.5bn in 2013-14 to £90.2bn in 2014-15, £75.3bn in 2015-6, £39.4bn in 2016-7, £12.8bn in 2017-8 before reaching a £5.2bn surplus in 2018-9.