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Public sector net borrowing was 4.3 billion in January, £9.6 billion higher than in January 2009. The figure brings total net debt to £848.5 billion, equivalent to 59.9% of gross domestic product.

The rise in debt - the first January increase in more than 17 years - took market watchers by surprise as tax receipts normal bump up government cash levels at the beginning of the year.

This time around though, central government receipts were 7.7% lower than a year ago while spending was 9.7% higher.

See www.citywire.co.uk for the full story