The British government borrowed another 4.3 billion pounds last month.
The BBC reports it was the first time the government has borrowed money in January since records began in 1993. January is usually a bumper month for income from tax receipts.
But the Office for National Statistics said the income tax and capital gains revenues were significantly lower than in previous years.
Tax receipts dropped 11.8% compared with January last year, when the government was able to repay 5.3 billion.
Total borrowing for the financial year now totals more than 122 billion pounds. The chancellor's forecast for the full year is 170 billion pounds.