Britain’s Treasury banked more cash from self-assessment tax returns last month than a year earlier. But soaring inflation led to interest payments on Government debt rising to the highest level since records began nearly 25 years ago. The Office for National Statistics (ONS) revealed that tax returns brought in £18.4 billion in January, compared with £16.4 billion in January 2021. Rises in Government receipts helped borrowing levels swing to a surplus of £2.9 billion, compared to a deficit of £2.5 billion a year earlier. This was above expectations but remains £7 billion below the surplus recorded in January 2020 before the pandemic. A major factor in the borrowing levels not being higher was the soaring interest being paid by the Government on its debts, which is pegged to the RPI measure of inflation. RPI hit 7.8% in January, leading to interest payments of £6.1 billion in January—the highest amount for …