Last month, thanks to a rise in income tax boosting revenues, the UK recorded its smallest fiscal deficit for any May since 2007.
The news means that Chancellor George Osborne will have more flexibility as he makes final preparations for the first Budget following the election of the Conservative-majority Government, which will be announced on 8th July.
Revenue growth is expected to play an important role in contributing to the UK’s debt-reduction plans for the long-term future.
Furthermore, net borrowing has fallen this year to £10.1 billion from the £12.4 billion figure recorded just 12 months ago, according to the Office for National Statistics.
In other recently released figures, Government income rose 4.1 per cent while spending only rose by a negligible 0.6 per cent.
Record levels of employment and rising wages are also expected to ensure further growth in the future.
The Chancellor has already indicated that he intends to introduce a new rule, as part of the next Budget, which will ensure that any future Government has to run a budget surplus during normal economic times.
However, the triple-A sovereign rating that Britain currently holds is still at risk of being lost due to the EU referendum, to be held by the end of 2017, which will ask the British people whether or not the country should remain a part of the European Union.