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Ed Balls will pledge to 'balance the books' by 2020 Ed Balls will pledge to 'balance the books' by 2020
(35 minutes later)
Labour has pledged to balance the UK's books and deliver a budget surplus during the course of the next Parliament it wins the 2015 election. Labour has pledged to balance the UK's books and deliver a current budget surplus in the next Parliament if it wins the 2015 election.
Shadow chancellor Ed Balls said Labour would pass a law to ensure it adheres to "tough" and binding fiscal rules.Shadow chancellor Ed Balls said Labour would pass a law to ensure it adheres to "tough" and binding fiscal rules.
These would include eliminating the deficit and reducing debt as a share of GDP between 2015 and 2020.These would include eliminating the deficit and reducing debt as a share of GDP between 2015 and 2020.
Chancellor George Osborne has already said a Conservative government would aspire to a budget surplus by 2020. Chancellor George Osborne has already said a Tory government would aspire to an absolute budget surplus by 2020.
Labour is under pressure to assert its economic credibility in the face of claims from its rivals that it would increase spending and borrowing.Labour is under pressure to assert its economic credibility in the face of claims from its rivals that it would increase spending and borrowing.
Mr Balls has already said Labour will stick to the current government's spending plans in 2015-6 and in a speech to the Fabian Society on Saturday, Mr Balls will match Mr Osborne's commitment on a budget surplus. In a speech to the Fabian Society on Saturday, Mr Balls will say a future Labour government would legislate within the first year to introduce new rules on the deficit and debt levels while progress would be independently audited by the Office for Budget Responsibility.
'Falling debt'
A future Labour government, he will say, would legislate within the first year to introduce new rules on the deficit and debt levels while progress would be independently audited by the Office for Budget Responsibility.
But he will not set a specific date for achieving a surplus, saying it will depend on the state of the public finances and changing economic circumstances.But he will not set a specific date for achieving a surplus, saying it will depend on the state of the public finances and changing economic circumstances.
"The next Labour government will balance the books and deliver a surplus on the current budget and falling national debt in the next Parliament," he will say."The next Labour government will balance the books and deliver a surplus on the current budget and falling national debt in the next Parliament," he will say.
"We will get the current budget into surplus as soon as possible in the next Parliament. How fast we can go will depend on the state of the economy and public finances we inherit.""We will get the current budget into surplus as soon as possible in the next Parliament. How fast we can go will depend on the state of the economy and public finances we inherit."
The last time the government ran an absolute budget surplus - meaning that it generated more in revenues, including tax yields, than it spent - was in 2001.The last time the government ran an absolute budget surplus - meaning that it generated more in revenues, including tax yields, than it spent - was in 2001.
The UK has only balanced the books in seven out of the last 50 years.The UK has only balanced the books in seven out of the last 50 years.