The budget deficit continued to fall in April 2022, with borrowing of £18.6 billion down £5.6 billion on last year and just £0.6 billion below our most recent forecast profile. By contrast the more timely data from cash receipts were particularly strong, up 18.5 per cent on last April and £6.4 billion (10.2 per cent) higher than our forecast. Income tax has been boosted by very strong growth in bonuses, while cash receipts of VAT and corporation tax also surprised materially to the upside.