George Osborne has promised to establish Britain’s first budget surplus. The Chancellor of the Exchequer says that it is high time that Britain should generate more revenue and tax yield than the amount it spends. He terms this as insurance for the difficult time ahead.
Osborne quotes on the surplus budget
He states that the goal should be focused on providing that surplus amount, in the next Parliament. He also says that the economy is recovering after the years of recession but this discipline and the spending control is required to create a sustainable ground. He quotes that, “The battle for turning Britain round is not even close to being over.”
Criteria of the budget
He also vows to ensure a rise in capital spending in line with the national income and set the fuel duty in a 750 million Euro for the rest of the parliament up to May 2015. The last surplus budget for Britain was in 2001 and has balanced its surplus and the spending in only 7 years out of the last 50 years. He explains that the crisis of running all these years into crashing the country has brought Britain to the brink and it is high time to reduce the debts to avoid falling over the edge. He wants to run this surplus budget, without raising taxes. His suggestion is more of a spending containment.
Source: http://www.telegraph.co.uk/finance/economics/10345875/George-Osborne-vows-first-UK-budget-surplus-in-more-than-a-decade.html