BUDGET: Structural deficit in balance by 2015/16
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The Chancellor has pledged that the structural deficit will be in balance by 2015/16 in his emergency Budget speech.
In his first Budget speech as Chancellor, George Osborne also revealed that debt will begin falling as a percentage of GDP by 2015/16.
He also attacked the fiscal mandate of the previous Government which he said had “completely failed” to meet its own “golden rule”, reiterating that under the new independent Office of Budget Responsibility there will be a forward-looking fiscal mandate rather than a retrospective one.
He said: “We are set to miss the golden rule in this cycle by £485bn.”
Osborne said that growth this year was set to be 1.2 per cent, rising to 2.3 per cent next year, 2.8 per cent in 2012 and 2.9 per cent in 2013.
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