Treasury bonds last financial year more than halved from the amount raised a year earlier amid greater Covid restrictions in the UK.
Borrowing – the difference between spending and tax receipts – totaled £151.8bn, less than half of the £317.6bn borrowed in 2020-21, the figures show.
The government has had to borrow less since pandemic programs such as furloughs ended.
It also garnered more tax revenue, which has helped close the gap.
The Office for National Statistics said the government received much stronger tax revenue than expected, with receipts for the financial year totaling £619.9 billion, up from £94.3 billion.
However, borrowing remained well above pre-pandemic levels in March.
At £18.1bn, the figure was the second-highest amount for the month since records began in 1993, but was £8.8bn less than the amount borrowed in March 2021.
The ONS said the total amount the government borrowed last fiscal year was worth about 6.4% of gross domestic product (GDP).
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