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Budget 2015: The deficit will again play central role as George Osborne has eyes on 2020 win Budget 2015: The deficit will again play central role as George Osborne has eyes on 2020 win
(35 minutes later)
Central to the Conservative’s election campaign was the party’s pledge to eliminate Britain’s structural deficit by 2018 and then run a surplus on both day to day spending and capital projects from then on. Central to the Conservatives' election campaign was the party’s pledge to eliminate Britain’s structural deficit by 2018 and then run a surplus on both day-to-day spending and capital projects from then on.
But many commentators believe this plan – that would require swinging public sector cuts of £33bn over the next two years – is too ambitious, even for George Osborne.But many commentators believe this plan – that would require swinging public sector cuts of £33bn over the next two years – is too ambitious, even for George Osborne.
They also warn that such steep cuts could damage the economy and depress growth in the short term.They also warn that such steep cuts could damage the economy and depress growth in the short term.
Many people expect Mr Osborne will use his budget on Wednesday to subtlety slow the pace of austerity – so the cuts are more evenly spread out across the Parliament.Many people expect Mr Osborne will use his budget on Wednesday to subtlety slow the pace of austerity – so the cuts are more evenly spread out across the Parliament.
But, ever the strategist, Mr Osborne will have one eye on the 2020 general election (when he could be Prime Minister) and will want to make sure that austerity is well and truly at an end by then.But, ever the strategist, Mr Osborne will have one eye on the 2020 general election (when he could be Prime Minister) and will want to make sure that austerity is well and truly at an end by then.
This budget is going to be the politically painful one even if he rows back a bit on his deficit reduction targets. There will still be deep and painful cuts announced on Wednesday.This budget is going to be the politically painful one even if he rows back a bit on his deficit reduction targets. There will still be deep and painful cuts announced on Wednesday.