By Jonathan Davies

Public sector net borrowing fell by £1.4 billion in July, giving the government finances a surplus of £1.3bn.

The figures, released by the Office for National Statistics (ONS) showed the first surplus in net borrowing since July 2012.

In the financial year so far, borrowing is down £7.3bn to £24bn compared with the same period last year.

Public sector debt rose £73.4bn to £1.505 trillion, 80.8% of the UK's GDP.